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An Overview of Dividing Assets during a Divorce or Separation from advancefamilylaw's blog



Dividing the assets which are otherwise known as property settlement is as complicated as the divorce proceedings. Each of these has individual factors to consider that can affect the time and the process. Though the division of the property and assets are a result of the intention of a divorce or separation, they can stay independent. The fact is divorce and property settlement are separate processes that happen individually. They are just related to each other but not really connected.

Divorce and property division

The legal separation of the partners is termed divorce while the legal division of the property and associated entitlements is called the property settlements. The processing of the latter could be started as soon as the couple decides to separate but divorce requires them to wait a period of 12 months to begin the legal processing. In addition, property settlement can be done without or before applying for legal separation. There are several competent family lawyers in Logan who can easily deal with such matters.

Proper division of the property

In the Gold Coast, the property settlement could be done for both married as well as de facto couples. Contrary to the common belief that divorce is followed by property division in equal shares between the partners, in reality it is quite different. When or if they decide to separate, the legal proceedings regarding the property can start on the very next day. The process commences by assessing the value of the properties under discussion.

This step includes the evaluation of anything that is deemed valuable and having a specific value threshold. Then, the shares from the parties are considered, along with the current value of the properties. The next step is to consider the percentage need of either party especially when there are minors in consideration. When all the discussions are done and settled, it is brought to the court for the final processing.

Each property and party would have different needs and proceedings so these are just a general overview of how things are done. The property settlement lawyers in Gold Coast can provide a better idea of the actuals.

Divorce proceedings

The divorce proceedings in Australia take their own time and at times go up for 2-3 years. It has several and complicated steps. There are many Logan divorce lawyers who can guide on the right path and find quick solutions for the matters associated with the divorce. But the actual legal separation will take its own time.

Though there are other legal matters associated with the separation process such as property settlement, financial settlement, spouse maintenance, etc.They can work independently. Ultimately, all these factors come to play for the final settlement of divorce where the court may ensure the finality of the other processes if the couple has children under the age of 18.

The law firm Advance Family Law deals with both property settlement and divorce proceedings. The team of lawyers would provide proper advice regarding the issues at hand and find amicable solutions such as making family trust or other methods. Visit Advancefamilylaw.com to know more.


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