What You Should Know About Divorce Assets Division

Divorces are hard. Whether they are peaceful or realized through prolonged arguments, the emotional scars they leave on all parties included can be lifelong haunting experiences, especially for children. Unfortunately, not all love stories have a happy end lasting forever after, and sometimes it’s much better to split then to torture yourself, as well as your partner, kids, friends and immediate family with consequences of unhappiness. If you’re considering a divorce, or plan to sign a prenuptial agreement, take a look at these facts about the division of matrimonial property.

How is the division performed

After the divorce or separation, the matrimonial property can be divided in three ways depending on the wishes of both parties, or circumstances surrounding the event.

The first one is through an agreement which can be informal, financial or you can get consent order approved by the court.

The second option is to use the family dispute resolution service in order to reach the agreement on division. This option will help you as a couple to resolve your differences and thus disputes about the division of property, alimony, child support, parenting and adult child maintenance.

And the third option is to go to court, which can usually last long, be traumatic and exhausting. But no matter the choice you choose, always use legal aid before any negotiation or legal decision you make, including the signing of any documents and agreements.

Who is included

The law on division of matrimonial property applies to couples who want the divorce or are separated or had their marriage annulled. It also regards de facto relationships which include the same-sex couples separated after March 1, 2009, because before that date the law was different for those who are unmarried and separated.

What property can be divided

The term property includes the things a person owns – assets, and those they own the money on – liabilities. The ownership over property can be individual, joint or through family trust or company. Among other things, the property applies to the following: money, inheritances, real estate, cars, debts, etc. When it comes to the division of matrimonial property every item is subject to property settlement no matter the signature or ownership. Before the division starts, you should hire a company or appraiser to assess the value of each item and give an evaluation of the whole property which will be included in the procedure.

Important notes

Many people worry that if they move out of the family home, they lose the right to the property. This is false since even if the house is assigned to your ex-partner by court order or through agreement, you will still have the equal right to it. This means that the house is divided equally among the partners and that the other party who remains in the house can buy the other’s part.

When it comes to company pension plan or superannuation, it can be split and the part can go to the other party. The law regarding this aspect is very complicated since superannuation is considered to be an important item in the division of matrimonial property as well as quite a large asset to be divided. So before any decisions on the superannuation or family home, consult a professional and know all your facts before the onset of legal proceedings for the divorce.

Finally

As uncomfortable as it may be, the divorce is a necessary means to end the relationship gone sour, no matter the reasons or if the couple was legally married or de facto. Usually, the parties want to finish it as quickly as possible and to go on with their separate lives, but law and complicated circumstances may prolong the process and cause difficulties. So, get your information straight before deciding to make this stressful step, or before you have to participate in it, in order to know what to expect and how to handle yourself and your preferences.

 

Article from: Leila Dorari is an entrepreneur, business consultant and a freelance writer. Currently, she is working with the best law firm in Sydney on informing the public about the legal aspects of divorce. In her free time, you can withstandlawyers.com.aufind her hiking with her furry four-legged friend.