Divorce is a very complicated procedure for all family and its members. It touches takes a toll in the emotional and financial capacity of its members. It also changes the relationship of all the family members with one another and on how they interact with each other.
Property Settlement will determine the support for the child, finances for the family members and their overall subsistence. As such, the separating couple must always take into account on what will be the best interest of all the parties involved. If they fail to reach an amicable settlement, the Court may intervene and decide for the parties on what is the best way to settle their property.
In order to arrive at a just decision in settling the property division between the parties, the Court needs to adopt a profound guideline that will serve as the foundation in their assessment and resolution of the case. This guideline can also be used in the out of court settlement of the parties.
It should be an exhaustive list which includes all the properties, real or personal, business interest, investment and any other asset of the family. Liabilities such as mortgages, loans, and debts should also be included in the list in order to determine the overall value of the asset of the family.
This can either take a form of financial and non-financial contribution. The financial contribution includes the salary and wages that they receive and contribute to defray the cost of living. It also includes those windmill assets which can be winnings to a lottery and inheritance.
Non-Financial Contribution includes the parenting duties rendered by a spouse in bringing up and rearing their child. Household duty is also another form of non-financial contribution including the house repairs and other renovation that is done to the house.
The parties must identify their needs for future subsistence which is determined by their respective:
The court will weigh each consideration offered by both parties and correlate them with their own findings in order to arrive at a reasonable decision in order to protect the best interest of all the members of the family.