How To Prepare for Property Settlement in 4 Simple Steps

Published On: February 8, 20230 Comments on How To Prepare for Property Settlement in 4 Simple StepsTags: Last Updated: January 26, 20242.8 min read

Property settlement can be a tricky thing to navigate, especially if this is your first time sharing property with a partner. Not only is there a lot of legal tape, but there are also a lot of emotions attached to the process that affects how the both of you react. If a consensus can’t be reached about how the property should be split, then you might have to go to court and that can be a long and expensive process.

property settlement

To make it easier on both of you, here is how to take care of property settlement in four simple steps.

1. Have Your Important Documents Ready

The first thing that should be sorted out are all of your important documents. Don’t leave them for last or do them piecemeal. Sit down and get all of them together because they will provide a basis for the rest of the conversation and how property should be determined. Create a pile of tax returns, pay slips, credit card statements, bank and mortgage statements, vehicle registrations, and anything else related to ownership of assets and liabilities. If you’re having a hard time determining what these documents have laid out, then consider contacting Settlement lawyers for property in Melbourne.

2. Establish Access And Security Over Your Finances

Joint accounts should be broken once the relationship is over. This is because if two parties own a joint account, then both parties have access to the money, regardless of how much is contributed by either party. Call the bank and inform them that the relationship is over, and they could provide you with any necessary information, such as whether you might need joint signatures for withdrawals. If there is a shared credit card, be aware that you are liable for any debt that has been accrued on the card.

couple consulting property attorney

3. Record Significant Facts About The Relationship

It might not be a bad idea to take note of any important dates and events pertaining to your relationship. Creating a timeline can be useful for lawyers if you’re considering hiring one to help you out with your property. This can include dates of marriage, separation, children’s birth dates, and any property purchases, et cetera.

4. Getting Legal Advice As Early As Possible

Granted, this can be a lot of work for two people to sort through on their own; even worse if you’re doing all of this by yourself. To ensure that you’re not making a mistake or to make the process a lot smoother, it might be best to get some legal advice as early as possible so that you can get all of the information that you need beforehand. They can help you create bullet lists of everything that you need to take care of so that you’re not stumbling through the dark on your own.

When you take care of these matters before a relationship has been completely dissolved, then you’ll have better settlement outcomes at the end because there will be fewer things to argue about. If you feel that your relationship is no longer working and you need to sort out your affairs, then contact your settlement property attorney today to see what can be done.

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