Coping with Divorce: How to Settle your Property

Although going through separation or divorce can be a stressful and confusing time, knowing your rights and what property you are entitled to can make the process that bit less overwhelming. Here are some key points to help you get on the right track and approach your settlement agreement with confidence. 

Communication is key

The best way to split your property is to sit down with your spouse and work out a solution which is in everyone's best interests. Try to remember that your relationship was strong once--the process goes much smoother if you communicate openly and reasonably. 

Your entitlements

The first basic general principle is that you are entitled to the property which you legally hold as your own. However, this does not answer every question and is frequently not the end of the matter. 

A property agreement is often the best way to divide matrimonial assets and liabilities in an amicable way. Property agreements are far less formal, and less costly, than commencing court action and having the Judge make orders. A family law attorney, divorce lawyer, or family law mediator can help you with this. 

But what, you may wonder, is a property settlement and what are matrimonial assets and liabilities? Assets include everything from your home to a private business. Liabilities include debts accrued in joint or separate names. 

We understand that this is a fraught and sad time and you might be wondering how to cope with separation and ultimately divorce. Dividing property can be one of the most difficult parts of a separation or divorce settlement. What is important is you know that help is always available, and you do not need to go through this on your own. 

There is a formal process

Helpfully, there is an accepted way that a divorce lawyer or family law specialist will calculate the property you are entitled to if you are struggling to divide the property between yourselves. They look at four broad factors: 

• The nature and total value of assets, liabilities and financial resources;
• What financial and non-financial contributions each spouse has made during the relationship and after separation (such as homemaking);
• What each party will likely need in the future, given their age, parenting responsibilities, health and earning capacity; and
• If the outcome of the above assessment is actually fair and reasonable in the circumstances. 

With the right help on your side, separation and divorce does not need to be stressful. Divorce mediators are trained in providing separation support and you will be able to locate a divorce lawyer near you that specialises in family law. Looking for more advice on how assets and liabilities are divided, and what the process involves? Download our free ebook today for all the information you need.