Property settlements can be a troubling process. But, unfortunately, it is a legal imperative when a marriage ends. Naturally, emotions are high in this unpleasant period. But the main thing is to stay calm and ensure that you have the following pieces of advice covered. This way, you are sure to make what can be an unpleasant process that much easier.
Here are four pieces of imperative advice surrounding property settlements:
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1. Ensure you have control over your finances
The best property settlement agents Perth has will recommend breaking joint accounts once the relationship ends. This is essential because you need to know where you are going to live and require the finances to make such plans. Tell your bank about the situation. They will inform you of any requirements regarding joint signatures for withdrawals and any other necessary stipulations.
In Australia, when two people have a joint account, each person owns the money regardless of who contributed what to the overall amount. What’s more, if your partner is an additional cardholder for your credit card, you have to pay for any debt they accrued on that card. This is why it is important to halt online access to shared accounts in this period.
2. Get your documents in order
You must have all your documents ready to make the process run smoothly. You must organise your bank and mortgage statements, credit card statements, vehicle registration statements, tax returns, recent payslips and anything else that relates to asset ownership and liabilities. This makes it much easier to access your claim and build your case.
3. Note significant facts about your relationship
It’s important to note down significant facts about your relationship. This includes important facts, dates and events that occurred throughout the relationship. This can mean:
- Marriage date
- Children’s birthdays
- Land purchases
- When you moved in together
- Separation date
Include any financial and non-financial contributions regarding living together and daily logistics. This information can be imperative for the court when they analyse the case and decide on a result.
4. Seek legal advice early
You still need to be practical despite the highly emotional side of this situation. This means you should always seek out professional legal advice as soon as you know the relationship has ended. You should seek a reputable professional who has years of experience in providing both sound legal advice and comprehensive representation.
Having a professional on your side can help guard you against fatal errors that can occur during this unfortunate process. What’s more, they will help ensure any legal formalities run smoothly and, hopefully, without too much stress. You also need experts to ensure that information is accurately conveyed as presenting false information could be deemed illegal.
Your legal professionals will do the following:
- Analyse & identify all assets in the property pool for you and your ex-spouse.
- Negotiate with your ex-spouse’s legal representatives to reach a viable outcome.
- They will then formalise the agreement in a manner that the court can accept.
So, as you can see, it is absolutely imperative that you have the best property settlement agents on your side. They will help clear any grey areas that could prove overwhelming in this difficult time. It is likely you haven’t experienced anything like this before, and navigating the legal side of things can make it even more stressful.
Therefore, it is always recommended that you seek comprehensive legal advice from a reputable expert at the end of a marriage.