When a couple who share their property and financial assets separate, it can be difficult to split these assets in a fair and equitable way. How the assets will be divided depends on more than just the financial contribution of each partner, and can be further complicated by any shared financial obligations or joint debts.
Our Property and Financial Settlement Lawyers can assist you with your divorce property settlement to ensure that you walk away from the separation with a fair settlement.
How to determine the divorce property settlement
There is no stock-standard way to determine a property settlement because each settlement is different.
Every couple has their own set of unique circumstances including the value of their property and assets, their roles within the marriage, their financial contributions, and their shared debts and financial obligations. For these reasons, determining divorce property settlements must be done on a case by case basis.
One way to determine divorce property settlements is to follow an existing Binding Financial Agreement, or create one while separated. This will save you from having to appear in court and is the route that is most likely to result in an outcome that both parties are happy with. When property settlements are taken to court, a judge will consider how to divide the property based on a range of factors stipulated by The Family Law Act.
Factors that are taken into account in divorce Property Settlements:
- The value of the property and any liabilities.
- The length of the relationship.
- Each party’s financial contributions.
- Non-financial contributions such as caring for children, home, and maintenance, etc.
- Future needs of both parties based on their contributions and capabilities.
Divorce Property Settlement mediation
In the event that both parties are unable to set up a Binding Financial Agreement and don’t agree on a fair property settlement, our divorce property settlement lawyers can help mediate and negotiate your settlement.
We aim to provide a solution that will benefit both parties by properly determining the value of the property. We also take the time to get to know your specific circumstances so that we can tailor a fair settlement that will provide for both party’s needs.
Contact our divorce settlement lawyers if you have any questions regarding divorce property settlements.