When a married couple decide to call it quits and go their own separate ways for various reasons, one of the biggest issues that the separating parties have to deal with is division of property. In the land down under, the country’s Family Law Act has many provisions when it comes to who gets what. Settling this issue, however, is not a walk in the park by any stretch of the imagination. It can be a very complex issue to navigate with all the variables that have to be considered. The Hill Law Group are a family law firm in Las Vegas.
If you’re in a divorce process now or about to get into one, there are several constants and variables that you must be aware of when it comes to property division. Here are some of them:
No automatic 50-50 settlement
When a marriage ends, equally splitting assets between the divorcing parties is not automatic. The courts have the discretion on how property is going to be divided between the separating parties. Issues like financial and domestic contributions are considered by the court as it decides what is just and equitable.
If one of the parties is involved in a business, the other party must still be given some share of the business’s profits. Again, the court will decide how the business property is going to be divided based on the facts of the case.
If a party wins money in a lottery or gets a windfall, the winnings will still be divided among the separating parties, especially if they come from the joint funds of the marriage.
Need for a property division lawyer
A divorcing couple may opt for mediation to save themselves a lot of spending and emotional stress that go with court hearings. During mediation, the parties may get the services of a solicitor to get advice on how they will divide their assets. Of course, they’d certainly need a solicitor should they decide to go to the courts to settle their property division issue.
There’s no doubt that settling property division during a divorce can get very complicated. Be sure to get professional legal guidance from The Hill Law Group when settling this issue.