Divorce is an emotionally difficult process, and one of the most challenging aspects of it is dealing with the division of property. It is important to understand the law in your state to ensure that you receive a fair outcome.
This article provides an overview of the important questions regarding property division during divorce, including how property is divided, what types of property are subject to division, and how a court may consider factors such as who owns the property and how it was acquired.
What Does Equitable Distribution Mean Exactly?
At its most basic, equitable distribution means that the assets and liabilities of the couple are divided in a fair and equitable way to both parties. This means that the assets and liabilities are split in a fair and equitable way to both spouses, taking into account the contributions made by both parties during the marriage or relationship.
The fundamental concept of equitable distribution separates a private property from the shared property. If everything went according to plan, you and your partner could reach an agreement regarding the division of assets without the assistance of a family law solicitor.
Some couples choose to reconcile rather than divorce. The equitable distribution concept must be observed when splitting the marital estate. If you cannot reach an agreement, the court must step in.
Unless doing so would be unfair or unreasonable, the court will divide the assets evenly if this claim is legitimate. The court will determine the fairness with which the property is divided by taking into account several significant factors, such as:
- Years of marriage
- Ages of both partners
- Each partner’s health
- Tax ramifications of property division
- Debts, assets, and income of each partner
- Requirement that a custodial parent own the marital home or reside there and have access to other household items
- Various ways in which each partner indirectly or directly supported the career and educational opportunities
What Constitutes the Property of a Marriage?
The courts divide the property into various categories, including the following:
Marital property refers to the combined assets, income, and debts both partners accumulate while married. Pensions, investment accounts, earnings, retirement savings, car loans, real estate, credit card debt, personal property, and mortgages are a few examples of marital property.
A portion of your separate property is not subject to your spouse’s rights. Your premarital assets, liabilities, and other property make up these items. Gifts and inherited property are also categorised as separate properties.
Divisible property that is subdivided. After a divorce, the court typically takes some time to divide up the couple’s assets. The divisible property includes assets the partners acquire during that time and assets whose value fluctuates. Remember that even if you purchased assets before your separation, if you did so afterwards, they would be seen as divisible property.
Identification and value of assets are challenging tasks. Engaging a solicitor who could represent you and fight for your rights would be advisable.
Why Do You Need a Family Law Solicitor?
Solicitors or family lawyers in West Perth can also help you understand how the court determines the distribution of assets. You may better grasp the legal procedure and be sure you’re making the right choices for your situation with the aid of a divorce attorney.
Having a solicitor in Australia can also be beneficial when negotiating a settlement agreement. A legally binding settlement agreement spells out the conditions of the divorce, such as the division of property and assets, child custody, and spousal maintenance. A family law solicitor can help you negotiate a settlement agreement that is fair and equitable for both parties. This can help to avoid costly and time-consuming court battles.
Property division during divorce in Australia is a complex process that requires the help of experienced family solicitors. The process can involve various factors, including the length of the marriage, the financial contributions made by each partner, and the needs of both parties.
It is vital to understand the process and the implications it may have to ensure a fair and equitable outcome. Additionally, it is essential to have the assistance of legal services in Perth to help ensure that your interests are represented, and your rights are protected throughout the process.
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Disclaimer: The information contained in this article is intended for general informational purposes only and does not constitute legal advice or establish a solicitor-client relationship. The content is provided as is, without express or implied warranties or considering your circumstances. This article is not intended to be a substitute for obtaining legal advice from a solicitor. Readers are encouraged to consult their legal advisors for specific legal advice tailored to their needs. No reader should act or refrain from acting based on this article’s information without seeking professional legal advice.