4 Step Process to Property Settlements in Family Law

Property settlement is an emotional and challenging process, mainly when the disputes involved in the case may involve minor children. Property settlements are not easy to negotiate because recovery of family properties is very high in number. Still, solution providers can always help you with professional advice and expertise.

The process of property settlement can be long, and it can take many years to reach a final agreement. You must remember that it is not the end of the process. Having the right property settlement lawyers is the beginning of your journey towards achieving a fair and equitable deal.

1. The Identification and Valuation of Assets

The first step in any property settlement agreement is to identify each property each party owns. It involves identifying all assets, including real estate, vehicles, bank accounts, and other financial assets such as stocks and bonds. You may also consider including items such as pension funds or retirement accounts if either party owns them. Once you have identified all of your assets, you will need to assign a value to each item based on current market values for similar items in the area.

2. Contributions of Each Party

In the second step, you will need to calculate the contributions of each party. In this step, you will need to determine the value of what each party has contributed to the marriage. The parties’ contributions are determined using a formula based on all the assets and liabilities. To do this, you will need to estimate each party’s contribution and add them together. You can then use some basic math skills to determine how much money each party should receive as part of their financial settlement agreement.

3. Assessment of Additional Factors

Assessing whether additional factors need to be considered when determining how much money a party should receive from their partner after divorce. These include:

  • Whether one spouse has contributed substantially more than the other towards maintaining their home or supporting children during the marriage. 
  • Whether one spouse has contributed significantly more than the other to help children during marriage through child support payments. 
  • Whether one spouse has contributed substantially more than the other towards maintaining an education or career of their choice. 
  • Whether one spouse has made substantial financial sacrifices.

4. Just and Equitable Requirement

With the list of your assets and liabilities, you will already be well on the way to being able to create a settlement. Having lists of assets and liabilities will certainly help with reaching an amicable agreement. 

The court will assess whether or not a financial settlement agreement is just and equitable under the law. The court will then order one party to fork out funds for another person’s needs.It is vital that property settlement lawyers guide you in every step of family property law. A property law attorney can be present at every stage of the process and help you negotiate effectively. The lawyer can also set realistic expectations and help you understand legal documents. Hence, you know precisely where to sign and what it means.

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