Dealing with Money Issues after a Divorce

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Dealing with Money Issues after a Divorce

30 March 2020
 Categories: , Blog

Money is a factor that complicates all separation and divorce proceedings. The issue of dividing money equitably becomes even more complicated when the partners want to use money as a tool of determining how well the divorce went for them. If there are co-owned properties such as businesses, they could suffer in the process and even shut down. It is, therefore, advisable to have a competent family lawyer to handle this part of the process for you because they will know how to handle the other party and prevent the situation from turning into an endless supremacy battle. Here are tips on how to handle money matters after a divorce.

Understand what Property Encompasses

Property is simply all the assets that you own as a family and also the debts which you have acquired together. Property includes assets such as the family home, vehicles, businesses, bank accounts, insurance policies, cash, jewellery and debts. The property that has to be looked into during the divorce proceedings could be owned by one of the parties in the marriage or both parties. It is advisable to list down the value of all property acquired during marriage to avoid being duped by your partner.

Timing of the Settlement

The second mistake that most people make when dealing with property settlement is waiting until they have processed the emotional side of the divorce before trying to get what they rightfully own. It is advisable to follow the property settlement process as soon as you start on the divorce proceedings, as this will determine how fast the settlement is made. Remember that you have two years from the date of separation to file for property settlement for those in a de-facto relationship. Married couples enjoy up to a year after a divorce to make their settlement.

Out-of-Court Settlement

Couples are always encouraged to try and reach out-of-court settlements for their claims because this is easier. The court process costs a lot of money, is complicated and consumes a lot of your time. If you agree to make an out-of-court settlement, ensure that it includes an informal agreement, financial agreement and other orders which show consent. 

These are the crucial considerations to make with regards to the property settlement in divorce cases. The most important thing to have in mind is hiring a competent attorney to handle the settlement process. With an experienced family lawyer, getting the right settlement will be easy. Reach out to a family law firm near you to learn more.