Regardless of how the separation or divorce occurs between two people, it is an expensive and emotionally exhausting process to undergo when discussing how assets need to be split up. When discussing the splitting of assets, it is best to hire a good lawyer to ensure you do not feel like you end up with an unfair deal.
Here are some tips on how you could negotiate a property settlement effectively leaving you satisfied with your split of the assets:
Seek legal guidance
When it comes to splitting of assets, there are so many factors you need to take in to consideration. To help you get a proper understanding of how the whole process works and to take you through the journey that will end up being favourable for you, it is important to seek legal guidance. Consulting property settlement lawyers Melbourne will help you evaluate your rights, your rights to property settlement and run you through how the negotiation should take place.
Try to negotiate amicably
It is best to try and sort out the negotiations peacefully during conversations and meetings with your lawyers present instead of trying to settle it at court where the tension is high. Try to negotiate the settlement amicably before any conflicts or arguments could arise. Do not forget to follow your lawyer’s advice throughout the property settlement journey.
Review all finances and be transparent about it
Before a divorce settlement can be reached, it is important for both parties to review all finances, assets and debts and determine which items are marital and which items belong to a particular individual. Unless you obtain a full compilation of the assets at your disposal and disclose this information, negotiations will not be possible.
Know each other’s rights and responsibilities
Take into consideration each parent’s responsibilities when it comes to custody and visitation negotiations as it could affect the parties’ rights. During the separation, it is important to prioritize your child’s wellbeing. If you do not stick up to your responsibilities, you could lose custody of your child.
It is not necessary to stick to the 50/50 rule
Most times, one spouse ends up getting more than the other as both parties will give something up or end it at some sort of settlement. There are no laws or rules that state each party has to get an equal division of assets. Analyse the advantages and disadvantages as well as the costs of the properties before you accept a settlement. Do not use children as a bargaining tool as it could affect their wellbeing.
The best-case scenario in a divorce is a mutual compromise. Once you are clear on what you will accept for yourself and what your ex-spouse it prepared to take for themselves, you can then take the time to negotiate and reach an agreement.
Before sitting down for a discussion on property settlement, take time to decide what it is that you want and need. Without knowing what you want and need, you will not be able to negotiate properly. By hiring a professional to deal with any issues that may come up, you will be able to increase your chances of a successful settlement.