Losing your family home can be as emotionally challenging as the divorce itself, leaving many couples uncertain about how to proceed when it's time to part with it. Since every family circumstance is unique, it's advisable to consult with a family lawyer to assist with your property settlement, ensuring that no detail is overlooked. The process can be overwhelming and confusing, but having a knowledgeable professional guide you through it can significantly reduce stress. Your family lawyer can provide clarity and support, helping you navigate the complexities of property division and make informed decisions that are in your best interest.
How does property settlement work?
Property settlement is in place so that there is a fair division of assets between both parties. So, how does it work? First, the court will value all shared assets, including the house, to determine the split. They will assess each person’s financial and non-financial contributions during the relationship, such as inheritances, gifts, mortgages, salary, childcare, homemaking responsibilities etc. They will also consider any bad spending habits like gambling and may take this into account when making their decision. They will then look at earning capacity, care of the children, relationship length, and other factors affecting financial stability. Once all of these factors are assessed, the court will determine what is an appropriate division of the assets. The law does not consider who left the relationship when it comes to property settlement.
Can you decide what to do with your property without going to court?
When divorce occurs amicably and without significant complications, both parties can mutually decide how to handle their property. There are many ways to reach an agreement with your former partner and avoid having to go to court, including:
- Kitchen table negotiations
- Mediation (with or without the assistance of lawyers)
- Negotiation through lawyers
We highly recommend seeking assistance from a lawyer before you commence negotiations with your former partner. An out-of-court resolution allows for greater flexibility and collaboration, ensuring that both parties' preferences and needs are considered. It is advisable to consult with a family lawyer to guide you through this process and ensure that your agreement is legally sound and fair. By working together with your lawyer, you can develop a comprehensive and legally binding financial agreement that reflects your shared decisions and minimises potential conflicts.
What happens after the property settlement?
Once the court finalises the financial proceedings, you and your ex-spouse must decide what to do with the property in accordance with your financial agreement. You have the option to sell the property and split the profits or transfer ownership to the party who wishes to retain it. To determine the best course of action and understand the necessary steps, consult with your family lawyer. They can provide valuable guidance, ensuring that your decisions align with the legal agreement and your long-term interests. Working with your lawyer, you can navigate this process smoothly and make informed choices about your property's future.
Advice and guidance through property settlement
Dividing assets between separating couples can be tricky, particularly when complex financial structures are in place such as trusts and businesses. At Eliza Legal, we can provide you with advice with respect to your property settlement. Eliza Legal is a leading family law firm based on the Mornington Peninsula, dedicated to providing tailored legal services with compassion and integrity. Contact us today and let’s see if we’re a good fit! We’d love to help you.
