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.