It’s been a long time coming, but the time has finally come for you and your ex to settle up. You’ve gone through a divorce or separation, and now it’s time to divide all of the property that you have accumulated during your relationship.
Going through divorce or separation is certainly a stressful process, especially if there are children involved in the marriage. In this article, we will go over what you need to know about property settlement as well as some things you should keep in mind throughout the process.
First, what is property settlement?
Property settlement is the process where you and your ex come to an agreement about how you are going to split up all of the property you acquired during the marriage. This can be anything from selling a car or house, splitting bank accounts in half, and even deciding who gets what furniture.
Unfortunately, many couples have no idea where to start when it comes to this process because there is so much at stake, financially speaking. For instance, some people will want their ex-spouse out of the home immediately while others will try everything in their power not to leave until all necessary repairs are made on the house (which may take months).
What should I expect?
Once you get started with this process, make sure that both parties agree on some guidelines early on like the division date (when each person will move out), whether or not you are going to sell anything, and what the custody arrangement is for the children. By putting these things in writing beforehand, you can save a lot of time and hassle during this difficult process.
What if we have no agreement?
Many couples simply cannot agree on how they should settle their property, so at some point, someone has to make a decision about who gets what (and when). If neither person agrees, then one spouse could go back to court and ask the judge to help break up all marital assets fairly while also deciding on issues like child custody.
This would be done by doing something called “imposing” where the judge makes decisions based upon other similar cases, which may apply directly towards your situation.
How do I enforce a property settlement?
If the other spouse is not abiding by the agreement you have in place, then it may be time to hire an attorney and go back to court again with your settlement papers. However, this time instead of asking for help from a judge, you can actually ask them now to force their hand on enforcing all previous agreements and making new ones if necessary so that everyone feels like they are getting what they deserve out of this process.
In some cases, however, you could end up having to pay legal fees depending upon who ends up violating certain parts of the agreement, which means either way–both spouses will likely incur additional costs throughout this whole process (which neither one had planned for).
Be sure that your spouse is not hiding any assets. The process of property settlement can be very emotional, and it’s important that both spouses are completely honest about all finances and aware of the monetary issues associated with divorce before making a big decision like selling the house or putting cars up for sale. This could end up being an expensive mistake if you don’t do your research beforehand.
By understanding some basic information about what to expect during the property settlement process, you will have a much easier time with these decisions and you’ll know how best to protect yourself financially along the way. This may help save lots of money in legal fees down the road (in addition to keeping everyone happy).