The topic of dividing property is the last thing you would want to discuss with your wife. However, all the couples are not lucky in this world because in some cases it is best to separate than suffer in a husband and wife relationship. It is because of this reason, the subject of negotiation when it comes to formalising who will take which assets or who will pay which debt should be managed under legal guidance. In that case, hiring a lawyer will make the entire process go smoothly without any hassle. Matthew Buckley points out the specific reasons which describe the benefits of a property settlement in the current times.
Get what you deserve under the Family Law Act 1975
According to the Family Law Act of 1975, the couples have two years from the date of separation to solve the property settlement issue. On the other hand, married couples have 12 months from the date of divorce to complete the property settlement process with some strict exceptions in the time frame. Hence, this period is allotted to the partners to make demands on what they deserve and get it under legal supervision. The main reason is you don’t want to regret after a point of time when you will have no way of getting the assets back which you deserved rightfully. It is because of this reason hiring property settlement lawyers Sydney is very important so that you can take the right steps under legal guidance.
Remove a good chance from the other party
There have been many cases where couples decide to informally divide their property without the assistance of a lawyer or court. It seems like an attractive and hassle-free alternative, but in reality, it fails to provide any certainty or finality to the settlement process. It is a failure because with time one partner may claim more money or assets from the other partner because he or she thinks that the division was not equal. Such scenarios never occur when the property settlement is done under the supervision of the Court. The Court takes the responsibility to consider the value of the assets during the period of hearing of the case before dividing the property equally between two partners. Furthermore, property settlement by the Court gives confidence to the people because everything is done equally without any partiality. It also allows people to move on with their life because now they can do anything with the asset in terms of their desire.
Who will pay the expenses?
One of the vital parts of a property settlement is the discussion of who will pay the interim expenses or how is it going to be shared until the property settlement process is completed. To reduce the late fees as well as diving credit ratings, it should be divided amongst the parties regarding who is going to meet the credit card repayments or how the household bills will be divided equally. The first thing that needs to be settled at the beginning of a property settlement is to recognise which properties can be accessed by both the parties and particularly highlight the credit cards whose usage will be stopped for the time being. In this way, the assets will be protected until the time the negotiation of the property settlements is finally completed. It is because of this reason many people choose to go for binding financial agreement NSW so that if the situation of separation arises then, property dispute won’t be a problem anymore.
Even though there are several advantages of property settlement that are stated above but still it does not automatically override your child support obligations. So make sure that every step is taken care in terms of your advantage and desires.