Property settlement in Mornington involves a fair division of assets between separating couples. At times, the process is easy and quick. However, there are many times when the separation is not amicable, and the property settlement is complex and stressful. That’s why it’s good to have a family lawyer to help guide you through the settlement process so that you’re left feeling less stressed and happy with the outcome, ready to move on with your new life.
How does property settlement in Mornington work?
When it comes to property settlement, everything must be fair. The court will start by valuing the shared assets of the clients, including the house, so they can determine what the split should be. They will also:
1. Identify all the property that is available for division.
2. Consider the contributions 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.
A fair division of assets is made based on these factors. It’s important to note that assets are not always split 50/50 as the division is determined by a range of factors to ensure a fair outcome.
When should you start the process of property settlement in Mornington?
While there is no right or wrong time to start anything, sooner is always better. When your divorce has been finalised, you usually have around 12 months to settle your property matters. This means the sooner you start the process of property settlement, the quicker you can put everything behind you. It’s hard to start over when you still have legal matters hanging over your head.
Reaching out to legal professionals early can offer you a clear understanding of your timeline and help you navigate the complexities of property settlement. By beginning the process sooner, you’ll have more time to make well-informed decisions and work towards a smoother resolution.
Can you negotiate a property settlement?
There are times when mediation might be necessary so that you can negotiate a property settlement fairly. 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.
At Eliza Legal, our lawyers are strong advocates of mediation and excel in preparing for and representing clients during mediation sessions.
How should you prepare for property settlement in Mornington?
The more prepared you are in any of these situations, the more confident you will feel throughout the process. A family lawyer will guide you through it, but it’s good practice to gather your financial documents together right from the start. This will help both the lawyer, and yourself, to better understand your assets, debts, and overall financial status clearly.
Don’t forget, beyond legal help, it’s also a good idea to reach out to any family or friends who can provide you with emotional support 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 Mornington family lawyers 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 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.
