After the breakdown of a relationship, it is common to address the division of property acquired during the course of the relationship. Property settlement is a crucial aspect of resolving the financial affairs between parties involved in a separation or divorce.
Property settlement typically involves identifying and valuing all assets, liabilities, and financial resources that were accumulated during the relationship. This can include real estate, vehicles, bank accounts, investments, businesses, household items, and debts.
The process of property settlement aims to achieve a fair and equitable distribution of assets and liabilities between the parties. It involves considering various factors, such as the financial contributions made by each party during the relationship, both monetary and non-monetary, as well as future needs, earning capacity, health, and care arrangements for any children involved.
In many jurisdictions, including Australia, the law provides a framework for property settlement that emphasizes the principle of a just and equitable division. This means that the division of property should be based on what is fair and reasonable in the circumstances, rather than a strict 50/50 split.
It is often recommended to seek legal advice from a family lawyer or engage in alternative dispute resolution methods such as mediation or negotiation to reach an agreement on property settlement. In some cases, if an agreement cannot be reached amicably, the court may be involved in making a decision regarding the division of assets and liabilities.
Resolving property matters can be a complex and emotionally challenging process. It is crucial to ensure that both parties have a clear understanding of their rights, obligations, and the available options for property settlement. At Enlight Legal & Migration, we will guide you through the process and ensure you get the property you deserve.