If and when you need to hire a settlement lawyer, you have to be aware of the proceedings and what should be included in the division. It might be a surprise to others that even credit card, mortgage and auto financing debts could be included, not just assets. Properties and liabilities must be discussed and dealt with to ensure the settlement proceedings would go smoothly as possible.
When you start with the settlement proceedings, expect the process to include establishing your and your partner’s assets, determining financial and non-financial provisions, ascertaining future needs
Establish all assets
Expect that all of your financial records would be pored over and all of your assets would be revealed, no matter how hard you try to keep some of it hidden. How much you are both worth would be determined by checking your bank accounts, the value of the properties that you own, any interests for a trust fund or shares in a company or business. If you fail to mention any of your assets or you deliberately tried to hide this, the court might dismiss your case and all the time and money you have spent to settle might be for naught.
Determine financial and non-financial provisions
The contributions made during the relationship include financial and non-financial provisions. Financial provisions include your monthly wages or if you have businesses or companies, the monthly profit from these enterprises. Monetary gifts and inheritances all fall in this category.
Non-financial provisions on the other hand include anything that helped in maintaining the relationship and other shared assets. Non-financial provisions might be a little difficult to verify for those who have no idea on how settlement law works. Fortunately, if you are looking for property settlement lawyers Melbourne has specialized legal professionals to aid you. They will make sure you do not leave the courts empty handed or shortchanged of what you deserve.
Ascertain future needs
Once the assets have been established and the financial and non-financial provisions have already been determined, ascertaining future needs is the next step. Once both parties agreed on the division and both shares of the properties and assets have been agreeable to the two sides, ascertaining future needs of both parties is the next step. In this step, what both parties would need in the future and how each party is likely to support the other would be established. This process is also called as “Adjustment”.
Fair and impartial final decision
The last step is for the court to give its fair and impartial final decision. Every case is different from the others and there is no fix formula to know and determine how much you will receive as settlement. The court could make any adjustments it deems necessary and what it thinks to be equitable and just.
When you go through a settlement proceeding, you need not to worry because the court would decide on what is the best for the welfare of the family and if there are any children from the relationship that needs to be taken care of.