Divorce is not a good thing in marriage and can be an agonizing experience for both the parents and children. If it occurs, the inevitable decagons are always one property settlement.
The property has to be shared between the couples. How does this go about? Well, here is the guide that you would need in case you have reached that point.
What is a property settlement?
Property settlement is a decision between couples to share the assets, liabilities and financial resources when they separate. Property settlement need not be carried out in a court. Examples of property that they can share include
And inherited assets
Property settlements are for those acquired during the marriage, and in some cases, some were acquired before and after marriage can be used. Also, they need not necessarily buy assets. It could be liabilities such as loans, debts, taxes, and stamp duty obligations.
Steps on property settlement at home
In Australia, couples are at liberty to decide for themselves how they can share their property. The best method is always to share the prudery with all the parties agreeing. If they cannot, then it’s good to seek a court order. But the best method would be if they both agree on how to share the property. This article will guide you on how to share the property amongst themselves to the point that they can use each property under this name.
Identify the property pool and reach an agreement.
Do not be in a rush to go and draft an agreement to share the properties. The first thing is to identify the pool of the properties that you and your couple have. Sit down and agree between yourselves that property do you have.
You should share everything, including liabilities such as loans. The value of each property should be the latest. In case that the two of you cannot find the value of the property, it’s good to seek the services of an independent evaluator.
You can then sit down and agree amongst yourself what is the correct way to share your properties between the two of you.
For a fair property settlement, each party’s contributions towards acquiring the property must be taken into account. It should also include their contribution to the management and improvement of the property. In the case of a court order, each party’s contribution is always taken to be equal even if one of the parties contributed more than the other.
Normally, this step would seem like a negotiation, but you should try enough so that the two of you can reach an agreement and avoid hiring a mediator such as an expensive lawyer.
However, if you find it hard to agree between the two of you, that is the time that you should seek a mediator who can help the two of you?
This step is one of the hardest as it involves a lot of negotiation. At this stage, it can even make the two of you resort to using a court order.
Application for consent orders
Now that you are done with one of the hardest parts, it’s time to make your agreement legally binding.
This can be achieved by making the legal consent binding. How can you achieve this?
Once the two of you are ready, prepare the consent minute orders and the consent order application. These two are so vital to ensuring that everything is legally binding. The document (application for consent order) contains all eh information as to why the two of you have decided to share the properties in addition to the property pool and the information about you and your partner. It also gives the details of how the two of you will share the property. Since it’s taken to court, one of you will be the respondent while the other will be the applicant.
Once everything is ready, you will need to make it legally binding. That means that you have to sign it. There is a list of signing that you will do before everything can be complete at this stage. So be prepared for it.
Apply with a family court
Signing the document is not the end of the process. You have to file it with a family court. Before you do so, ensure that there are copies of the original applicator of consent. The documents can be filed with the family court in person or file it by post. There are a few expenses that you need to pay to make a good income.
The final step
The court will now have three documents which it will stamp and while the remaining two files are returned to the two of you. From there, the court will consider your order. The registrar of the court who reviews the order will ensure that certain statutory requirements such as fair sharing have been adhered to. If the court is satisfied, it will sign and date the order to be legally binding. From there, it’s upon the two of you to comply with the requirements.
In the case that the court is not satisfied, the order will be requisitioned. This can happen if the policy of fair sharing is not adhered to. For any reason that the court is not satisfied, it will always give recommendations and where to amend. There will be a period where you will be required to resubmit the order.
This article has shown that the two of you can settle a dispute without having a third party. Though you will still need a court at the end to agree with the two of you legally binding, much of the work can be done for you. Strictly our goal was to help you with the step of how you can settle your property. In case you cannot find the solutions between the two of you, a court order is the last alternative.