The Rights and Obligation on Everything that You Owned

Marital assets refer to all the property that is jointly owned by a married couple, or the property that either of them purchased during their marriage tenure. Everything that you owned or acquired before your marriage is your separate property. However, if you mix your separate property with your marital property, it no longer remains your separate property. For example, your re-title your house by making your spouse a co-owner or you deposit your savings into an account owned jointly by you and your spouse. Couples have two broad choices when it comes to dividing the family house as property settlement agreement. If both parties want a clean and straightforward settlement, selling the property may be a good idea. However, selling a house in the current market can be difficult, and you will have no idea how long it might take. As a result, you may have to hold on to a home you no longer want or sell at a reduced price for a quick sale.

In situations where one spouse wants to keep the house and the other wants to sell, or if both the parties want to keep the house, the court may give property settlement agreement Tweed Heads where in the ownership of the house to the partner who gets the custody of the kids, but at the cost of other valuables that he/she wishes to retain. The spouse who receives the house can “buy out” the other’s interest in the property. If your ex-gets the house, make sure that you get your name removed from any deeds, mortgages, or other rights or obligations on the property. In both cases, the property will be first valued for a settlement. If the parties can’t agree upon a price, the court may order a joint report from a local estate agent or surveyor. If You Have a Separate Savings Account: In this case, your savings will remain your property. If your partner has a power of attorney over your savings account, you can withdraw it at any time without his/her permission.

If you have joint savings accounts: In this case, neither of you can access the account without the other’s permission. Both of you will get an equal share out of the savings account as part of property settlement agreement Tweed Heads. However, the money that solely belongs to you (like your salary) stays only with you and your spouse gets no hold over it. Both parties should work out who will take what in property settlement agreement. For this, they should agree on a value for all the items so that the one who keeps them pays their share of the cost to the other. If either of the parties cannot agree on the value of the items, the court may order a sale and split the money accordingly. The couple may also need to hire someone to assess the value of the items. If you live in an equitable distribution state like Illinois, you may want to consider a divorce lawyer who can help you meditate with your spouse over the property settlement agreement. Remember, sometimes the cost of hiring someone to access the value of your household items can be more than the total value of the items. So try to sort this out internally with your spouse in consultation with your lawyer.

The Possible Situation on Challenges Agreement

Prenuptial agreements, or simply “prenups,” are a common means of providing security for one’s assets before entering into a marriage. Many soon-to-be spouses find the topic of prenuptial agreements both emotionally challenging and complex. However, it is important for both parties to understand the stipulations of an agreement and the conditions under which the agreement could be considered invalid so it is necessary to seek assistance from Coolangatta family law lawyers. If a couple signs a prenuptial agreement in front of family law lawyers and then divorces, a reasonable, properly drafted agreement will be enforced by the court. In some cases, however, one spouse may wish to challenge the agreement. While it possible for a prenuptial agreement to be set aside or deemed unenforceable by the court, convincing the court to do so is rarely easy. There are several reasons or possible concerns the court may use as a basis for refusing to enforce a prenuptial agreement, including that the agreement was not voluntarily signed by both spouses or that one spouse misrepresented his or her financial situation without enough knowledge from Coolangatta family law lawyers.

One of the most common reasons, however, is that certain provisions of the agreement or the entire document is inherently lopsided and, in the court’s opinion, too unfair to one spouse. A provision that is deemed too one-sided is known as “unconscionable” according to the law and may be set aside. For example, a prenuptial agreement that gives nearly all of the marital assets to one spouse and leaves the other practically destitute in the event of a divorce is not likely to be upheld by the court. Unconscionability can occur in one of two ways. The first is when the agreement was inherently unfair from the very beginning and the financial situation of the spouses are roughly the same as at the time the agreement was signed. The other occurs when there is a substantial change in circumstances that was not foreseen or accounted for prior to the marriage. To illustrate, consider a situation in which a couple signed a prenuptial agreement in which both spouses waived the right to ask for maintenance in the event of divorce.

At the time, both parties enjoyed lucrative careers with no expectation of needing financial assistance in the future. During the marriage, however, one spouse suffers a debilitating injury and is no longer able to work. If the couple subsequently divorces with help of Coolangatta family law lawyers, the provision regarding maintenance may now be unconscionable given the new circumstances. Individuals who are separated can still maintain health insurance and other spousal benefits that they would not be able to keep if they divorced. Divorce can be permanent depending on the circumstances, a legal separation may not be. This means that although it is complicated and can take time and negotiation, a separation can be undone. Only individuals that are divorced are able to remarry someone else. Individuals who are legally separated are technically still legally married to one another. There are many reasons a couple would choose to obtain a legal separation when asking from family law lawyers. For some, their religion or personal beliefs may not allow divorce. For others, they may not be fully prepared for divorce but wish to clarify property rights or other concerns in advance.