In the event of a divorce in a marriage in which there has been a break-up, the sharing of property and/or assets is sometimes among the most difficult and emotionally stressful routes to take. Each of the partners might have been contributing in one of the ways, either financially, emotionally, or bringing up children, and the only way this can be divided fairly is by a balanced approach. This is because property and asset segmentation is aimed at not just sharing wealth, but also ensuring individuals remain financially stable as they proceed to live together in different directions.
Property and asset division is the legal procedure that decides how marital property, savings, pensions, and other financial assets will be distributed among spouses following a divorce or separation process. The division should also be reasonable and just, considering the personal situations of each party.
The point to learn here is that fairness is not necessarily a half-to-half deal. The court seeks to deliver a solution that allows the financial needs of both parties, their contribution, and future duties to prevail, particularly in cases where there are children.
All assets acquired in the process of marriage are usually classified as marital property and such include:
Beauty can sometimes be classified as separate property, although the assets occur before the marriage or as an inheritance. Nevertheless, in case these assets have been utilized in the best interest of both partners throughout the marriage, they can also be included within the general division.
Where they can, couples should always strike a voluntary deal when determining the division of assets. This is not as stressful, fast, and in many cases, cheaper than court proceedings. The settlement might be formalized by means of a Consent Order as soon as the agreement in both directions is reached, and it will be legally binding and will avoid the problem of disagreements in the future.
But when emotions are high or assets are a complicated matter, like in the case when looking at matters related to business, several properties, or even international investments, professional legal advice will be necessary to bring about fairness and complete disclosure of finances.
This process of dividing property may be challenging, especially when the property is valued at billions of dollars, involves hidden money, or involves wages. A good family solicitor is capable of assessing your financial status, calculating all marital assets, and cutting a deal that can protect your interests. Attorneys can also ensure that your contract addresses the stipulations outlined in the law and that the law acknowledges and accepts this contract.
We are fully aware that the financial issues upon divorce may be overwhelming at First Law Solicitors. Our specially trained family lawyers offer straightforward, sensible, and sensitive guidance to guide you to achieve a just property and asset allocation. You can rely on us to support you along the way, whether it is to ensure your financial future, negotiate an agreement, or provide a solution to any dispute in court.
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