The Process Of Property Settlement
It is better to visit a licensed property settlement lawyer to deal with all of your finance related issues if you are going through the phase of separation with your partner. A professional person who has command on these grounds or working in the field of settling the issues related to the finances can guide you better than anyone else. If couples are so stressful that they do not even want to talk to each other related to the concerned matter, lawyers work as a liaison between them and the case can be presented to the court while keeping the severity of the situation.
There is not a defined ratio from which the property can be divided among the stakeholder like using 50:50 ratios. Many points are considered helpful while finding a fair ratio between the partners on the basis of the circumstances they are going through. According to the law, a judge has to acknowledge the following important information before passing a judgement:
Find the value of finances and all the outstanding liabilities
Financial contribution is done by each partner
The financial contribution of the partners in form of gifts, inheritances etc.
A future perspective such as the responsibility of a child, career etc.
A non-financial contribution like taking care of the child, improving the value of house or homemaking etc.
After all the consideration, a fair division of assets is done by the court. It is not a wise move to settle the property dispute unofficially out of the court because it may risk you in future. So having an official and authorized agreement related to the settlement of the matter may help you out in the coming future.
Settlement without court:
Due to the complexity of the process and the money it takes, couples can settle the dispute outside the court with the help of a lawyer. He can arrange a negotiation and settle the dispute without any presenting the matter in front of the court. After the negotiation, an agreement can be made as proof which is known as financial agreement afterward settlement decision can be applied for the consent orders by the court.
Although the charges of taking the help of a lawyer are high, for the proper agreement and negotiation which can be only handled by them, hiring a lawyer becomes essential. However, they try to reduce your cost by settling the matter without the consent of the court. Pre-discussion with the partner may reduce the complexities of the process so try to find a way to settle the case without presenting it in front of the court which may take a long time to pass a final decision and cause you unnecessary effort to present every time for the hearing at court.