with property settlement disputes there are a lot of considerations
One of the most important issues with the potential of becoming the subject of a dispute during a separation
is property settlement.
Parties naturally want to get a fair share of the assets which may include the family home, real and personal properties and other valuables. It is to the great advantage of former couples if they can resolve the issue of property settlement
out of court.
With property settlement disputes there are a lot of considerations. First step is for the parties to identify which properties are to be included in the asset pool. Next, they must have these properties assessed to get the value. They must also take into account the existing liabilities incurred during the marriage or relationship. Finally, to be able to determine a fair share for each party, individual financial and non-financial contributions must also be taken into account.
When the necessary information has been collated the parties can execute a financial agreement which provides in detail the property settlement agreed upon by the parties. The agreement can stipulate how the properties will be divided, which properties will be given to each party, which properties will be sold and the profits divided or which properties are excluded from the pool of assets. These are the types of clauses or provisions that are essential to a financial agreement that involves property settlement.
A financial agreement
may be brought to court to be formalized and for the issuance of consent orders. The agreement will only be formalized if the court is satisfied that it has been validly executed and the terms therein are just and equitable. The agreement then becomes legally binding and enforceable. Parties are obligated to comply with their obligations under the agreement and if they fail to do so then they can be held liable and brought to court.
Parties who do not come to an agreement may go to court for the issuance of property orders
. They must file their application within 12 months from the time the divorce became final or from the time the de facto relationship ended. The Court will conduct a hearing which will require the presentation of evidence. Parties are required to give full disclosure of their financial circumstances.
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.