When couples separate, one of the most significant issues to address is the division of assets and relationship property. Get advice from an expert relationship property lawyer to make the process as clear as possible.
The law around the division of property upon separation can be complex and challenging to navigate. Be guided by an experienced professional in Sharon Chandra.
Get Professional Relationship Property Advice from a Specialist in Family Law
Relationship property law and the division of assets can be complicated. Make this often-difficult time more manageable with expert advice to guide you through the details. A relationship property lawyer can help you navigate the process from start to finish.
Obtain Legal Advice Early
Obtaining legal advice at the earliest possible stage will ensure matters are handled in the right way. This not only includes understanding your legal position but also dealing with the most pressing issues first. It will also allow matters to be handled in a way that is going to achieve the best outcome for you.
It is important to understand your rights and obligations as early in the process as possible. This allows you to make informed decisions. Whether you are contemplating separation, have recently separated or have been separated for some time, legal advice is key at any stage. Great guidance will arm you with the knowledge of your legal standing and allow you to do what is right for you.
There may be urgent issues that need to be addressed immediately. This can include who lives in the relationship home and/or financial support. Get advice about how to deal with these pressing issues to ensure matters are resolved as swiftly as possible.
There are often complex legal issues that require the assistance of an expert accountant. This can include the valuation of a business or calculating compensation for a difference in income (known as economic disparity).
An economic disparity claim most commonly arises where one spouse or partner has stopped work to care for children, whilst the other has continued full-time employment. As a result, there is a significant difference in their incomes. Compensation for economic disparity means the disadvantaged spouse or partner is effectively entitled to more than half of the relationship property pool.
Most of the time, the division of relationship property can be finalised without needing to file Court proceedings. There are different ways to negotiate an out-of-Court settlement. This can include negotiations between lawyers or by way of mediation.
If matters cannot be resolved through these alternative dispute resolution methods, then Court proceedings may become necessary. This is greatly helped through the presence of an experienced family law expert.
Accurate Recording of the Agreements Reached
If an agreement is reached as to the division of relationship property, the terms need to be recorded accurately in a relationship property agreement. Each party to the relationship property agreements needs to receive independent legal advice. This will cover what their legal entitlement is compared to the terms of the agreement and each party’s lawyer needs to certify the agreement. These are legal requirements that must be adhered to have a valid relationship property agreement.
A private agreement between spouses or partners that is not in the proper form will not likely meet the legal requirements of a valid agreement. This can render private agreements unenforceable and jeopardise a spouse or partner’s current or future assets regardless of the agreement reached previously.
This is why it is important to obtain legal advice to ensure proper processes are followed, and assets are secured legally.
Get in Touch with Sharon Chandra
If you’re going through a divorce or separation or other familial matter in need of legal advice pertaining to relationship property, get in touch today. Sharon is happy to guide you through any legal disputes with expertise and care. Fill out the form below to get in touch.