A property settlement is an in court or out of court settlement and agreement to handle the distribution of all kinds of assets between the couple at the time they decide to separate. The property settlement can vary according to the situation present. The parties if possible can do the task without seeking any legal assistance but at times the matter is too complicated that it becomes essential to look for the help of the property settlement agents.
What is meant by property?
Anything that has some financial value is classified as the property. At the time the couple separates they look into the matters governing the property matters related to
- Property jointly owned by both in the wedlock or by either parties.
- Vehicles in use
- Animals if any
- Precious ornaments including pieces of jewellery
- Inherited property
Things need to be settled under property settlement
The property included under the property settlement is an extensive concept. It is not merely the property that either of the two parties or both have acquired while being in the relationship. The settlement can include the property that they have bought after the marital alliance was over. These properties are like the liabilities that the individuals may own either jointly or individually. It is for this reason that the job of the legal practitioner handling the property settlement is far more complex than the job of the property lawyers in perth. The liabilities include taxes, debts, stamp duties and even loans.
Out of the court settlement
If the couple feels that they can do the job on their own they can resort to the option of without court settlement. Despite the clarity of the matter it must be kept in mind that the situation can become really complex at times compelling the couple to look for the assistance of the court and the lawyers. Settling the matter outside the court can save the time and money but it can leave behind loop holes that can cause legal complications in the future.
Settlement with court’s assistance
It is important to remember that the things can get complex outside the court if the couple is not aware of the legal basics. To avoid the worst it is better to go for the in court settlement. Before the case proceeds make sure that you go to the professional property settlement lawyers. A simple property lawyer cannot help the way it is intended.
As the case is taken into the court and the case proceeds the court will handle it through step by step procedure starting from the identification of the legal interests of all the parties and then finally deciding for the just share of all in the existing property.