A property settlement is also referred to as a marital settlement agreement. This settlement helps make it clear what each spouse will receive after the divorce is finalized. Items that may be included in a property settlement might be bank accounts, trusts, property, furniture, and so on.
If you’re in the midst of coming up with a property settlement agreement, below are some of the biggest mistakes you’ll want to avoid.
Many individuals going through a divorce may try to procrastinate a property settlement as much as they can. This is understandable as it can be a scary and complicated thing. However, the sooner you get started on the process, the more time you’ll have to decide how assets will be divided up. In turn, the more confident you may be with the outcome.
- Taking Advice from Family or Friends
Considering they’re your loved ones, family and friends may be quite biased when it comes to your divorce. In turn, they may try to sway you to do things you shouldn’t do when it comes to your property settlement.
However, your family and friends aren’t experts (unless they’re a lawyer specializing in property settlement, of course). Instead, you should communicate with property settlement lawyers Melbourne, someone who doesn’t have personal ties with you, if you need suitable legal advice.
- Not Double Checking Your Rights First
When it comes to anything legal, it’s always a good idea to know your rights, obligations, and entitlements first before making big decisions.
You may be selling yourself short and believing you don’t deserve as many assets in the divorce process until you learn what you are truly entitled to. You may also be giving yourself a more complicated settlement process without knowing what types of options you are obligated to.
- Letting Your Emotions Get in the Way
Let’s face it, divorce can be emotional. Some find themselves sad; others find themselves angry. Either way, extreme emotions, especially negative, can affect a property settlement agreement for the worst. Some folks might try to manipulate a property settlement to “get back” at their ex-spouse instead of doing what is right or best for both parties involved.
Remaining clear-headed can help you come up with the best property settlement agreement with your ex. Last-minute or drastic decisions might cause more trouble later down the line.
- Not Understanding Assets Prior to Coming to a Negotiation
It can be exciting being given certain assets in the divorce process. In reality, it’s critical to really understand what assets you will be given and how they could affect you later down the line. For instance, receiving 100% of the house or business: is it the right financial and best legal decision for you?
Property settlement agreements can be tricky. But as anyone getting divorced may know, these agreements are critical. That being said, it’s important to avoid letting emotions get in the way, always double check your rights and entitlements, refrain from taking advice from family and friends, understand assets prior to negotiation, and avoid procrastinating.