How does property settlement in Frankston work?
First, the court will value all shared assets, including the house, to determine the split. They will identify all the property that is available for division and from there they will consider the contributions that have been made by both parties during their time together. These contributions can be both financial and non-financial, such as mortgages, inheritances, salary, childcare duties, and even gifts. They’ll also look at the future earning capacity of both parties, the length of the relationship, and anything else that might determine financial stability. Any bad habits, such as gambling or overspending, will also be considered. From there, a fair decision will be made for the division of assets. It’s important to remember that assets are not always split 50/50 as the decision is based on a range of factors to reach a fair outcome.
When should you start the process of property settlement in Frankston?
Every divorce is unique, and timelines can vary accordingly. However, it's advisable to initiate the property settlement process promptly following your separation. After the divorce is finalised, you typically have twelve months to settle your property matters, emphasising the importance of early action. Consulting with legal professionals early on will provide clarity on your specific timeline and guide you through the complexities involved in property settlement. Starting early ensures you have ample time to make informed decisions and achieve a smooth resolution.
Can you negotiate a property settlement?
Negotiating a property settlement can be beneficial when you seek a mutually agreeable resolution that feels just and fair. Mediation offers an effective method for resolving disputes by involving a neutral third party who facilitates open and productive discussions. This process enables both parties to express their needs and concerns respectfully, fostering the creation of a fair agreement that satisfies everyone involved.
How should you prepare for property settlement in Frankston?
A skilled family lawyer will guide you through the process, but there are proactive steps you can take to prepare yourself. Start by gathering comprehensive financial documents to understand your assets, debts, and overall financial status clearly. Beyond financial readiness, seek emotional support from family, friends, or a therapist to maintain stability during this stressful time. Staying calm throughout the process can greatly ease its challenges. Take a moment to centre yourself, then reach out to our Frankston family lawyer for expert assistance today.
Advice and guidance through property settlement
Dividing assets between separating couples can be tricky, particularly when complex financial structures are in place. At Eliza Legal, we can provide you with advice regarding your property settlement. Eliza Legal is a leading family law firm based in Mount Eliza just a stone's throw from Frankston, 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.
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