how particular assets will be divided
during property settlement parties are required to comply with the duty of disclosure and to keep the properties subject of the settlement intact.
Even when the divorce has not yet been attained or finalized parties can start on their property settlement after separation. Many questions surround property division in a marriage or de facto relationship. This article will attempt to answer the most common questions and issues regarding property settlement.
Definitely. The court will consider all of the properties, regardless of under whose name it is titled. What you need to do is be very vigilant about your husband’s report of his assets and make sure that all of the properties you have a stake in are included.
As a rule, yes. You have to disclose all your assets and contributions, including your inheritance, under the duty of frank disclosure. So, when you make a list of your assets include those properties you have received as part of your inheritance otherwise you may be held liable for being dishonest. It will then be up to the court to decide how much weight will be given to your contributions.
It will be considered as one of your direct contributions to the asset pool. Your contribution will be one of the considerations for the court to come up with a just and equitable property settlement order. Some details that the court will want to ascertain is when the inheritance was received, if common funds were used to improve the inheritance or if through the services of the other party the inheritance was improved or increased.
She cannot validly do that. That house is still the subject of a property settlement and will be one of the assets that will be divided between you and your partner. Not being the sole owner of it, she cannot sell it without your agreement. If she is really bent on pursuing the sale you may apply for an injunction to stop her.
Property acquired before the marriage must also be disclosed during the property settlement process. If the marriage is a short one, greater weight will be given to individual ownership because the property is still more or less intact. However, if many years have passed there is then that assumption that the property’s value has increased because of the other party’s contributions thereby making that party entitled to a share of the property that was originally yours.
Disclaimer : This article provides basic information only and is not a substitute for a professional or legal advice. It is prudent to obtain legal advice from a family lawyer.