Property settlement can sometimes be quick and easy, but other times, it can feel complex and overwhelming. No matter the situation, having a skilled family lawyer to handle your property settlement in Somerville is essential. When you're ready to move forward and leave the past behind, you'll want someone with a strong understanding of the legal system to guide you through the process.
How does property settlement in Somerville work?
In property settlement, fairness is the top priority. The court begins by valuing the shared assets, including the home, to determine how they should be divided. They also identify all the property available for division and consider both financial and non-financial contributions made by each party during the relationship. This could include things like mortgages, inheritances, salaries, childcare duties, and even gifts. The court also considers future earning potential, the length of the relationship, and anything else that may affect financial stability. Any bad habits, such as gambling or overspending, are also considered.
Based on these factors, a fair division of assets is made. It's important to note that assets are not always split 50/50; the division is determined by a range of factors to ensure the outcome is fair.
When should you start the process of property settlement in Somerville?
It's always wise to start the process as soon as possible, as waiting only delays the inevitable. Once your divorce is finalised, you'll have about 12 months to settle your property matters, and that time can pass quickly. The sooner you begin, the sooner you can move forward with your life.
Reaching out to legal professionals early will give you a clear understanding of your timeline and help you navigate the complexities of property settlement. Starting the process sooner allows you more time to make well-informed decisions and work towards a smoother, more efficient resolution.
Can you negotiate a property settlement?
Mediation is an effective way to resolve disputes by bringing in a neutral third party who helps facilitate open and constructive conversations. This approach allows both parties to express their needs and concerns respectfully, leading to a fair agreement that works for everyone involved.
At Eliza Legal, our lawyers are strong proponents of mediation and are skilled in preparing for and representing clients during mediation sessions. Click here to find out more about our family law mediation.
How should you prepare for property settlement in Somerville?
Being prepared will not only help you move through the process quicker but will also help you feel more confident in yourself. If you’re preparing for your first meeting with your family lawyer, take a look at our recommendations here.
As you’ll see, 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. Between your support system and your Somerville family lawyer, you’ll feel less overwhelmed by the process.
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.
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