Separating is a complicated process to go through. Regardless of how strong you are as a person, it is always a struggle. Unfortunately, it can be made worse with the likes property disputes and settlements. So if you are struggling through this process, we have some critical facts to know about property settlements and how it works for you.
What Is A Property Settlement?
When a relationship ends (de-facto or marriage), both parties have to finalise their financial ties to one another. These financial factors can include property ownership, superannuation and cash. The most common settlement involves homeownership. There are two ways this can be solved:
1.If both parties own the home, they can agree to sell it and split the proceedings or;
2.They can decide that one party owns the house with the other receiving a payment as a “buy-out”.
Unfortunately, property ownership is a one of most significant – and nastiest – disputes that develop when a relationship dissolves. During this period, it is recommended that you speak to a Lawyer to determine what you are entitled too.
When Can I Get A Settlement?
You can apply for a settlement the moment you and your partner have decided to separate. You don’t have to move out when you do – you can still live together, and this is considered “legally separated”. However, you do have deadlines to adhere to depending on your relationship. These deadlines can inlcude:
1.If you are married, you have a year after the divorce to apply for the settlement
2.If you are in a de-facto relationship, you have two years to submit an application
How Can This Settlement Be Legalized?
To ensure that any settlement is fair on both parties, it has to be recorded by the state and formalized as a record. This way, it is considered “legal” by the state. There are three ways in which this settlement can be legalized:
1.Consent Order – which means both persons have agreed to and where the Court Registrar has assessed the Order and given it its approval.
2.Court-Imposed Settlement – where the court makes the final decision on all settlements based on evidence from both sides
3.Binding Financial Agreement – which stipulates that both parties have agreed to financial decisions and is approved by the independent lawyers.
Agreeing to these forms are vital for both persons as it guarded by the law. If someone were to break the agreement, the Court will reinforce the contract and protect the inflicted party. It also means that once the deal has been made, it cannot be disputed by one of the persons down the line. No further property settlement claims can be made against you.
What Happens If You Find Yourself In A Property Dispute?
If you are in the midst of a divorce or separation, you should look towards getting in touch with a solicitor. Understanding your rights can play a huge part in if you could potentially lose your property, or gain it. You might have to pay more than you expect. You shouldn’t walk into a property settlement or dispute by yourself. Make sure that you have an experienced professional helping you.
If you need a property dispute solicitor, then contact Mirabellas Solicitors on 9898 3100 for a free consultation.