Property settlement is the process of dividing personal and shared property between two partners who have decided to separate. If both parties can reach an agreement, it can save a lot of time and legal fees. The normal property settlement process involves three steps.
Step 1: Consult a lawyer
Before you start negotiating with the other party, we strongly recommend that you consult with a family lawyer. This is because a lawyer can help you understand the family law and assess your financial situation, and can also advise you on whether your and the other party’s demands are reasonable.
Step 2: Negotiate
Once you have a good understanding of your rights, you can choose to have a lawyer represent you or negotiate with the other party yourself. If you can reach a verbal agreement with the other party, you can proceed to the third step.
Step 3: Sign a property settlement agreement
If the negotiation is successful, both parties can appoint a lawyer to draft a settlement agreement. It is important to note that Australian law requires both parties to have their own lawyers when negotiating a property settlement agreement. This is to ensure that both parties are treated fairly and that they have a full understanding of the agreement. If one party does not have a lawyer, the signed agreement will not be legally binding.
If you have any legal questions regarding property settlement, please contact us immediately. Our Family Lawyers will answer your legal questions and provide you with professional strategies to safeguard your rights.
*Disclaimer: The above content is provided as general legal knowledge and should not be taken as specific advice for your individual situation. The law is complex, and we strongly recommend consulting professional legal advice. Canaan Lawyers shall not be held liable for any loss or damage caused by the information contained or omitted in the above content.