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Separating from your significant other can be tough. You have to sort out the property among other legal matters. With the help of this guide, learn all you need to know about property settlement as well as where to find a free quote for a lawyer.
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What is a property settlement lawyer?
When a relationship breaks down, the assets need to be divided among two parties. The property can be divided in a friendly way where two people talk and formally sign a document stating which individual gets what. On the other hand, it might also be difficult for the two people to come to a conclusion peacefully and may require a mediator or property settlement lawyer to settle the dispute.
Mediators are qualified professionals who try and resolve disputes. They don't necessarily impose solutions but facilitate communication to reach communication. They are informal.
If you want formal legal help or a mediator did not work out for you, your next best option is a property settlement lawyer. They can help you negotiate with your former partner or their lawyer. They will divide the assets keeping various factors in mind. This includes evaluating contributions made by each party in the assets and values of each of these etc.
When should I use a property settlement lawyer?
A property settlement agreement can come into play as soon as you get legally separated from your partner. Remember that being legally separated is not the same as physical separation. You can be legally separated while still living under the same roof.
An application for property settlement comes with a deadline in Australia. If you were married, you have 12 months from the day your divorce was finalised to make an application for property settlement. If you were in a de facto relationship, you have two years from the date of separation to file a property settlement application.
It is also not necessary to wait for your divorce to file a property settlement application. As soon as couples agree to separate, they can finalise the terms of the settlement and secure their future even before finalising their divorce.
When should I use a property settlement lawyer?
Property settlement lawyers can be used after a separation or when one partner is planning on separating. After a breakup, negotiating the terms of assets can be emotional and challenging. A property settlement lawyer can help you negotiate those terms. If you don't wish to meet and deal with your partner, property settlement lawyers can do this on your behalf.
Property settlement lawyers are also useful when the two parties can't agree on the same terms. For example, if you and your former spouse did sit down for a peaceful discussion, but you could not conclude despite the help of a meditator. It is then advisable to approach a property settlement lawyer.
What does a property settlement lawyer do and not do?
Property settlement lawyers work with their clients to give them the legal support they need.
What they do
A property settlement lawyer makes a just and equitable deal with the other party. Division of assets is done according to the needs and current circumstances of both the parties. The lawyers are unbiased and act with a sense of morality.
Here is what these lawyers look at:
- The 'pool' of assets, which comprises everything both the parties own, will be evaluated by the lawyer and their value assessed. This pool includes any properties, cars, jewellery and cash. Examining the asset pool is important as it ensures nothing is sold without an agreement being made beforehand.
- Apart from properties, financial and non-financial contributions of both the parties are also considered. The income earned by the parties and the amount invested in the family while they were together is taken into account. Contributions such as taking care of the family and children are also taken into account.
- A pool of assets is divided heavily by the future needs of both parties. It looks at the person's earning capacity, their health childcare and more.
- Property settlement lawyers do not assist with custody of children after separation or divorce.
How effective is a property settlement lawyer?
Property settlement lawyers negotiate deals with your former partners to get you the amount of assets that is justifiable and equitable. A lawyer will divide assets according to the needs of both the parties.
The lawyers are effective in helping both parties to reach a deal. Both the parties sign the agreement with lawyers as their witness.
Apart from helping in negotiations, a property settlement lawyer is empathetic and listens to you as you state your needs and the reasons for claiming the property to help your case.
Where can I get a free quote from a lawyer?
You can get a free quote for a property settlement lawyer online. Legal marketplaces such as Sprintlaw give you a fixed free quote when you tell them about your legal matters on their inquiry page.
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