joint ownership of property can be a problem when you get divorced.
While you might have been madly in love with your spouse during your marriage, once you decide to get divorced, the relationship is bound to change. One or both of the parties is bound to become vindictive and this will make settling a property dispute even more contentious. A word to the wise on this issue, try to settle any disputes amicably so that you can both move on with your lives and live in peace and harmony. This is especially important if there are children involved. Sadly, most couples contemplating divorce are unable to settle these issues amicably and find themselves having to call in expert legal help to sort the property dispute matter out.
During a property dispute, the courts will focus on four areas in order to come to a fair and equitable decision:
- Your solicitor will request a list of assets and liabilities to assess who owns what and who contributed towards the accruing of said assets. Be sure to supply your solicitor with a detailed breakdown of all your combined assets and liabilities with all relevant documentation pertaining to the assets and liabilities. It’s important that valuation amounts are precise as possible, even if it means paying for a formal valuation of the assets.
- Your solicitor will also want to see the list of assets that each spouse brought into the marriage.
- Assessing contributions that each spouse has made towards the accruing of assets. Spouses can contribute towards accruing assets in a number of ways: Financially, via labor or other similar efforts and by way of being a caregiver and stay at home spouse. While one spouse is out making the money, the other spouse is looking after the children and home thereby allowing the breadwinner to bring home the bacon. The solicitor will have to calculate a tangible amount when working out who has contributed what towards the property/ies.
- The future needs of each spouse has also got to be taken into account by the solicitor. He will have to assess:
- How long the relationship lasted
- Which spouse is going to be the primary care provider for the child/ren
- How much each spouse is able to earn in the future
- The health and age of both parties
Finally, taking all the above factors into consideration, the lawyer has to be sure that the final agreement is fair and equitable to both parties.
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.