How to Get the Best Outcome with Your Family Law Property Settlement
Family Law property settlements can quickly become complex and unpleasant. These matters require a legal team which understands that the best outcome is one where both parties are able to compromise to prevent the negotiations from becoming hostile. Access Law Group has years of experience helping clients with Family Law property settlement matters by supporting and guiding our clients with a human touch. Here are some tips on how to ensure that your Family Law property settlement proceeds as smoothly as possible.
Take the Time to Make a List of Assets and Debts
Take the time to create a list of all assets and debts that form part of the property pool. If you are unsure of the value of an asset, experts can undertake valuations to accurately value assets. This can help to narrow the asset pool and assist with negotiations. Liabilities also need to be included. Your solicitor will encourage you to obtain advice from your accountant about any potential tax implications. Property, motor vehicles, bank accounts, credit cards, personal loans, mortgages, shares, and inheritances are some of the assets and debts that should be included in this list.
Understand the Needs of Both Parties
When undertaking family law negotiations, it can help to understand what the other party is seeking from the property settlement. For some people there may be certain big-ticket items such as the former matrimonial home. Your family lawyer will assist you by advising you about the range of possible outcomes should your matter proceed to Court. In negotiations, the parties can have control over the timing of the property settlement such as the sale of a property or the transfer of assets from companies or trusts.
Our years of experience as Family Law property settlement lawyers have shown us that altering numbers, delaying or withholding the provision of financial disclosure documents completely from the other party is never advisable. Financial disclosure is a requirement under the Family Law Act. Being forthcoming with disclosure is the first step to ensuring that negotiations do not become unpleasant. A party can refuse to participate in any negotiations until the parties have exchanged full and frank financial disclosure. Non provision of financial disclosure in a timely way may lead to a party commencing Court proceedings. The parties may also seek a Costs Order from the Court because of the non-disclosure.
Timing is Everything
Timing the negotiations is important. It can be best to avoid negotiations as times when emotions are running high. If both parties are relatively civil with one another, we generally recommend negotiating and finalising your property settlement as soon as possible before a potential future breakdown in the amicable relationship.
Be Willing to Find the Middle Ground
Successful settlements will usually require some compromise by both parties. Your family lawyer will advise you about possible scenarios if there is failure to reach an agreement. It is always important to consider the costs versus benefit factors involved of not settling a matter. Court proceedings can be protracted and expensive. You should be guided by your solicitor’s advice as they are the professionals.
Trusted Divorce Lawyers and Family Lawyers
Family Law property settlements can be difficult, emotional, and challenging. With expert family lawyers by your side, you can ensure that you obtain the best possible outcome from your Family Law property Settlement matter. Our Divorce Lawyers can also assist you with your Family Law Divorce matter. It is important that you obtain advice about how your Divorce may impact your property settlement. Contact Access Law Group today to arrange an initial consultation to discuss your Family Law matter.