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3 Important Points to Know About Property Settlement in Family Law

What happens when a romantic relationship ends? Whether it’s a de-facto union or marriage, there will always be a need to sever any form of ties especially in terms of assets and finances. In the family law Brisbane has today, a residential property jointly owned by the couple should either be liquidated or be taken over by any one of concerned parties.

This is stated under the Family Law Act of 1975, which regulates property settlement. However, this does not guarantee that the outcome would be favorable or, at the least, similar in all cases. Since the law deals with people individually, an expert advice is highly recommended.

NECESSITY OF PROPERTY SETTLEMENT FOR COUPLES WHO ARE SEPARATING

The family law Brisbane has, do strongly suggest that when a relationship has ended, financial connections should too. When you fail to finalize your claim for property settlement, conflicts and further disputes may ensue.

If, for instance, this happens, the court will then look into the date of proceedings and not the date of separation as the reference point. Both assets and liabilities acquired after separation will then be brought to trial as part of the property pool. The gains earned from superannuation of a real estate property is an example.

Therefore, it is highly important to seek legal advice from Brisbane family property settlement lawyers so you would know what your obligations and financial entitlement are. Through this, you will know more about where you are from a legal standpoint.

COMMENCING THE PROPERTY SETTLEMENT PROCESS

This is a common predicament to most separating couples. When should you start with the property settlement procedure? Premature it maybe to some, but the process should begin as soon as you think that separation is possible. Visit McPhee Lawyers for more details.

As a matter of fact, the process for divorce property settlement Brisbane has today, should not even get to the court. You do not have to stand in the trial before a judge just to finalize claims on assets and real estate.

Accordingly, you begin with the process of being advised by your lawyer regarding your entitlements. Then after, a letter is going to be drafted and sent to the other person concerned to reach an agreement. Once both parties have agreed upon settlement, court proceedings would no longer be necessary.

Otherwise, both parties can opt to mediation when an agreement is least likely to be reached. Nonetheless, there are some cases where mediation is not really successful at settling financial and property disputes. When this happens, court proceedings may become necessary.

IDENTIFYING ASSETS AND LIABILITIES FOR THE PROPERTY POOL

Most of the time, disputes may arise from identifying which properties are suitable for the property pool. Brisbane divorce property settlement experts will help in finding values that are attributable to assets and managing the entire process. This would include but not exclusive to identifying who will pay for the mortgage and who will take residence of a particular property. Nevertheless, you have to take note that this will depend on the situation and the case at hand.

These three basic points will help in clearing the air for you. If you are going through such a process in life, you have to know that the family law Brisbane offers will protect your rights. When looking for expert advice and guidance, check out https://www.mcpheelawyers.com.au/services/parenting-matters/ – The Family Law Specialist for your legal concerns.

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