It’s common knowledge for couples to be aware what’s considered ‘property’ when they get married. However, classification of property becomes confusing to some when talking about property agreement negotiations during divorce. In general, these properties include:
- Assets that you and your spouse owned separately or jointly, including the family home (or any other home), vehicles, household items, and personal items, such as clothing and jewellery, etc.
- Assets you and your spouse own or control, including businesses, superannuation, and an investment or business share in a trust.
- Liabilities under separate or joint names, including credit cards, mortgage, and hire purchase agreements, as well as any property you owned under your name before getting married or obtained since your separation.
What Exactly is Property Settlement?
This is the legal term for dividing property during a divorce. There are several benefits to coming up with a property settlement agreement on your own. For one, you won’t have to pay as much for lawyer fees and you avoid the naturally confrontational court process.
It would enable you to be a part of the entire process instead of simply letting the court make decisions for you. More importantly, you minimise the impact of an emotional toll on your kids (if applicable) and you could end your financial relationship with your soon-to-be ex-spouse on a more amicable note.
On the other hand, if you and your spouse can’t seem to agree on how to divide your property, you need to apply for a court-ordered property settlement within 12 months starting from the date that your divorce becomes finalised, says one of the top divorce lawyers in Townsville.
Other Crucial Things to Consider
When you get divorced in Queensland, any component in your will that includes your spouse would be revoked. This means that you must create a new one to include your new circumstances, should anything happen to you before your divorce gets finalised. It’s also best that you get in touch with your Super Fund so that you could change your beneficiary if you don’t like your benefits going to your ex if something happens to you.
Consult with an experienced divorce lawyer to know more about property settlement and related issues before you file for anything, especially if you expect your divorce to be contentious.