Understanding the Law

The Truth About Property Settlement When Divorcing Your Spouse

Divorce is much more complicated than getting married. And if you and your spouse are not on amicable terms, the process can get even more complex since you may both be at loggerheads regarding everything related to the dissolution of your marriage. Thus, it is always best to have a lawyer represent you during this time, even when you believe you can come to a satisfactory decision with your former spouse. One of the more contentious issues that you may face is property settlement. You could have some misassumptions regarding this division of assets, particularly if you believe you have provided more to the union. To dismiss these misassumptions, read on for a fraction of the truth about property settlement when divorcing your spouse.

Divorcing your spouse means your finances are dissociated

A massive misconception that people have regarding divorce is that one the process is underway then it means their finances will be deemed separate too. But this is untrue. When you take into consideration that the divorce process can only be underway once you have been separated for at least a year, you will realise that your spouse will still be financially dependent on you if you have not hired a property settlement lawyer! If you do not want to contribute further to the union, then you need to begin the property settlement process. On the other hand, if you are fine with settling this matter once the divorce proceedings are underway, then you can do so. Nonetheless, you should bear in mind that you will still need to hire a property settlement lawyer, like those at Stokes Legal.

Property settlement means everything is divvied in half

The second misassumption that you may have regarding the property settlement process is that each spouse is entitled to half of everything, but this is not true. What each spouse will get involves considering several factors. Firstly, the court will establish assets of each individual as well as any liabilities they could be bringing to the table. Secondly, the contribution that each spouse has made to the finances of the union will be taken into consideration. However, you should bear in mind that contributions are not exclusively fiscal. For instance, if one spouse was a primary care provider for a special needs child while the other was the breadwinner, the former will be deemed as a contribution to the union. Lastly, the monetary needs that each partner will have in the future will also be taken into account.