When a
couple divorces, most people usually choose a good lawyer and leave out most of
the work to him when it comes to the various factors to settle in a dissolved marriage.
This can go to the so many items like child support, domestic violence, all the
way to Tugun property settlement agreement.
When a
marriage is over, the financial ties among both parties need to be settled. If
there is a joint house, for instance, there needs to have a decision on what
happens to it. The property could be sold, or one party may be able to take
over, like buying the other party’s interest, for instance.
Issues
Every relationship and situations of couples
are different from one another. Advice on this regard should be based on the
situation and not on somebody’s experience. The point in having these property
settlements is to finalize your financial ties with your ex-partner.
If this is not finalized and resolved, either
party may come back at the other to make a claim on property settlement. There
may be situations where property or debt acquired by one party after the
separation is brought to the property pool (assets, real estate, and other
properties).
Surprises
There were extreme cases before where one
party inherits an amount of money, or won a lottery after separation, but
before a formal settlement of the properties were concluded. The inheritance
and the lottery win can be included in the contested property asset pool.
Other practical issues included to be
addressed after separation is who’s going to pay for the unfinished mortgage
payments, personal loans, or credit card purchases. Getting a legal advice from
your lawyer will prepare you on where you stand legally on such unexpected turn
of events in court.
Property
Under the law, those items considered as
property include all assets under the ownership or control of either or both
the parties in the relationship. This includes real estate, interests in
businesses and companies, shares, money in bank accounts, interests in trusts
or entitlements, vehicles, boats, antiques, jewelry, artworks and others.
There might also be some financial resources
that one party may have access to that the court can also include into the
to-be-settled property accounts. Examples of these are the interests in
deceased estates and interests in family trusts.
Formal settlement
Cases like these need not be brought to court
for trial. The process is aimed at negotiating and finalizing the property
settlement.
Through negotiations, agreement can be reached
and the best way to finalize them is through Consent Orders. These Orders have
been agreed on by both parties. The court scrutinizes it, and if satisfied,
they will make the Orders.
Agreement
There is also an option to formalize any
agreement in a document called a Binding Financial Agreement. This is an
agreement between the parties that is not scrutinized by the courts.
There are many cases where these types of
agreement have been overturned by the court system. Your lawyer will suggest
you need not use these types of agreements, most especially without his consent
or approval. Tugun property settlement agreement can be risky.
