Dividing Assets in Divorce Cases

In any divorce case, the hardest part is to come up with a satisfactory divorce Coolangatta property settlement agreement. When you divorce or separate, you need to divide your property and debts with your ex-spouse. You divide them between the two of you. A property settlement agreement (PSA) is just another term for a marital settlement agreement which is a contract between the divorcing parties. Before you can write the Coolangatta property settlement agreement, you must first decide what you want. A property settlement agreement may be part of a larger separation or divorce settlement agreement. A property settlement agreement is essentially a contract between two parties that specifies the rights and obligations of each party if they separate or divorce.

The agreement covers issues such as:

• Division of assets
• Child custody and support
• Spousal support

Drafting a premarital or post-marital agreement can be a good way to prevent lengthy and expensive divorce litigation.

Each divorce case is unique and the process of coming up with a divorce property settlement agreement also differs. Most couples prefer to come to an effective and suitable agreement regarding the division of property by having their matter resolved through mediation or negotiation. In this process once both the parties make the decision regarding what they wish to do, the mediator or the negotiator draws up a memorandum of understanding that specifies what issues have been resolved. Later a formal agreement is made by the attorney, which is filed along with the divorce petition in the court. The judge will have a look at the agreement and if everything is in order, he will sign the agreement to make legal.

List of items included in a divorce property settlement agreement are:

• Properties
• Any business
• Shares owned by any of them
• Fixed funds in the Bank
• Automobiles
• Furniture
• Jewelry

For couples having children, it would be unfair if only one parent has to bear all the expenses of the children. There is no point for children to suffer just because their parents cannot get along. Moreover, when any property is owned jointly, then both the parties are legal owner of them and it will be simply unfair from legal point of view if the property is not divided equally. These legal agreements are important from the point of view of your retirement benefits too. However, if a couple cannot come to an agreement on their own regarding the division of property, the Court will do that. Determining what is a fair and just division of property can be a complicated process for the court also. Whether or not to merge a property settlement agreement depends on which party would benefit from an expanded period of limitations within which to challenge the agreement. It is critical that you consult with an attorney prior to signing anything having to do with separation and/or divorce. Any agreement presented to you should be reviewed by an attorney who can advise you of its impacts. Furthermore, your spouse’s proposed marital settlement agreement will likely exclude provisions required for your protection.