Regardless of your separation or divorce circumstances, you can save yourself time, money, and emotional energy during the property settlement process with proper preparation. Here are some tips on how to prepare for a property settlement.
1. Going In Too Low
Many people enter a property settlement negotiation with unrealistic expectations. You need to be prepared to walk away from the negotiation with a win/win amount of compromise. You should not be afraid to make a reasonably close counteroffer to your ideal settlement amount.
2. Not Asking for Help
The property settlement negotiation process is one of the most stressful times in a person’s life. If you are struggling, can’t find the right words, or have an exceptional case, finding the help you need should be your first step.
If you think that your spouse should pay more of the family assets or has already left the marriage, you will need immediate action in the family law court. If you are unsure of what you should do, talk to an experienced family law lawyer.
3. Not Getting Advice Early on
If your separation is impending, it is essential to contact an experienced family law lawyer as soon as possible. Every situation is different, and it is vital to gather the facts and understand what you need to do before you get involved in a formal settlement negotiation.
4. Getting Emotionally Involved
While your spouse will play a central role in your property settlement, you should keep your emotions under control. Your spouse’s problems may not directly relate to your case or the issues in your divorce. You can’t afford to make decisions based on your spouse’s or unrelated issues.
5. Not Knowing the Value of Your Asset Pool
While it is essential to maintain an objective view of your own property pool, it is also vital that you keep a clear idea of your current financial situation. This will help determine how much of your assets you can risk as part of a settlement process.
6. Negotiating Without a Lawyer
Your lawyer can act as a neutral mediator. Your lawyer can also evaluate your case and suggest different settlement amounts and tactics. While it is possible to negotiate a property settlement on your own, it is not advised.
7. Not Documenting the Agreement Properly
To ensure the agreement you reach is enforceable, it must be properly documented. If you agree to a property settlement, make sure you have a written agreement. If you have a document drawing up the deal, have it signed and notarised. Make sure you have a copy of the signed document and keep it in a safe place.
8. Not Knowing the Requirements of a Conflict of Interest
Every family law case is unique and has varying backgrounds, details, and complexities. This complexity can make it difficult to evaluate whether you are in a conflict of interest.
Conflicts of interest are cases where a lawyer or judge has a personal or professional interest or bias that affects their actions or the case outcome. A conflict of interest in this sense relates to the independence of the decision-maker.
The property settlement negotiation process is a big undertaking. You need to be prepared to put forth maximum effort to reach an optimal settlement. You need to be realistic and understand that you are involved in a unique and stressful situation.
Springfield Legals is a law firm in Queensland, specialising in family law. We provide property and business conveyancing, income protection, and succession planning, ensuring that your plans and wishes are properly planned and executed. If you’re looking for wills and estates lawyers in Queensland, get in touch with us today! Let us know how we can help!