A divorce can be emotionally disturbing and agonizing for both the spouses, and on top of that the issue of carving up property post separation, can aggravate feelings of ill-will. You or your separating partner can avoid legal wrangles if both of you can agree on who gets to keep what and how. And if you’re unable to reach a consensus, then the Family Court will have to issue an obligatory order. Family Lawyer can guide you on property division matters.
The legal perspective
Before the Family Law Court can issue an injunction which may relate to property division, spousal support (alimony), child custody and support and other connected aspects, it’ll evaluate everything you two own, both exclusively and jointly.
Thereafter, the court will try to split the appraised assets in an equitable manner (so that you don’t need to reappear in court in future) through a ‘property settlement’ order. In arriving at its verdict, the court will not investigate on what led to your separation.
Property settlement details
The Family Court will always insist on your endeavour to come to an accord with your ex-spouse or partner on the modus operandi of property division. If you have more or less made a pact, then you can make a plea to the court for making your agreement official. A family law solicitor can help you to prepare a draft agreement for property division.
Any typical property settlement arrangement will include dissection plans for family home and other landed properties, jewelleries, insurance schemes, superannuation policies, jewelleries, furniture, vehicles, term and fixed deposits, inheritances, shares and debentures. The draft will also list the arrears and debts including but not limited to unpaid EMIs of home and/or car, education loans, and credit card dues.