Most Common Misconceptions About Property Settlement After Divorce Explained


Property division is a part of the divorce settlement. It can be an easy process, especially when you have the guidance of professional and experienced family lawyers working to secure and protect your best interests.

That said, for lack of proper understanding of family law, there are some misconceptions around property settlement. Among these include the following.

You Must Go to Court

The numbers more than speak for themselves — only a small percentage of cases end up in court. You and your ex-partner are at liberty to come to an out-of-court settlement by yourselves or with the help of mediators. It comes down to mutual consent.

Your family lawyers will then apply for consent orders that will be reviewed by the court before approval. In all this, neither party will be required to make an appearance in court.

A Court Property Settlement Must Take Place

If the parties involved cannot come to a mutual consent on property division, then going to court is reasonably the next step. However, based on the facts of your case and the prevailing circumstances, the court may decide that a property settlement will not take place on the grounds of such a settlement not being 'just and equitable'.

Family lawyers can assess the facts of your case and may be able to prepare you for such a ruling. In this case, you and your ex-spouse only get to walk away with the assets and liabilities that are rightly in each of your names and possessions.

It's a 50/50 Split

Professional family lawyers will always advise you to manage your expectations. While a 50/50 split of assets can happen, it is not guaranteed. According to family law stipulations, there is a host of factors that will be considered when deciding how much of the property pool each party gets.

The contributions of each party, both financial and non-financial, are a top consideration. The future needs of each party, which will also consider who gets primary custody of the children, is another key influencer. The courts will also consider each party's earning capacity, taking into account factors such as age, health, skills, and other such elements that will influence earning capacity.

Each case is different, and that is why you should discuss the specifics of yours, regardless of whether it is going to be an out-of-court settlement or you intend on going to court. A family law consultant will help you understand the process and what you can reasonably expect.

About Me

The Legal Aspect of Divorce

Splitting up with your partner can be a stressful time. While no one can take away the pain which a separation and divorce make cause, it is possible to help a person understand the law. That is the aim of this blog, to give you a better understanding of different aspects of the law as they relate to your divorce. The articles here will look at things such as child custody, prenup agreements, and how the court will deal with assets such as property and money. While we aren't legal experts ourselves, we hope that the well researched information here will help you during what could be a difficult time.

Search

Categories

Latest Posts

26 June 2020
It could conceivably be a shock when someone is served divorce papers. They might have been unaware that their spouse was planning to apply for divorc

17 June 2020
If you are getting ready to apply for a divorce or if you can tell with some certainty that your partner is getting ready to file a divorce petition,

5 June 2020
Property division is a part of the divorce settlement. It can be an easy process, especially when you have the guidance of professional and experience