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Key Considerations for Property Settlement in Brisbane

Property settlement is usually done when there is a divorce or separation between a legally married couple. It is necessary as it allows each one to walk away with wealth that they have accumulated together for the years that they have been together. Not only the property is divided, but also the liabilities that are associated with it. Let us discuss the key considerations to keep in mind when dealing with property settlement in Brisbane.

Valuable considerations for property settlement

Full financial disclosure:

The process requires that both parties are honest and transparent when disclosing their financial information. Trying to conceal some of your assets or giving false information can result to harsh legal consequences that can result in an unfair settlement.

Valuation accuracy:

You also need to obtain accurate valuations of all the assets involved. To achieve this, you may require the services of a professional appraiser or financial expert to get reliable and authenticated valuations. This is critical as it ensures that the division is based on accurate information.

Future financial planning:

You should consider your future financial plans and determine if the settlement and liabilities will align with your goals. If you think that doing it a different way can make work easier for you in the future, then you are invited to request the changes, provided that they all add up to the required amount for your settlement.

Tax implications:

Property settlement comes with commitments in taxes and liabilities. So you need to be aware of the potential tax implications associated with the transfer of those assets to help you in planning. A tax advisor can assist you to get a clear picture of the tax implications and the consequences that follow.

Children’s welfare:

During property settlement, children’s welfare and well-being are put at the centre of consideration. The settlement process has to provide children with stability and protection. The settlement also considers the custodian of the child and ensures that they get enough resources to oversee the well-being of the child. Even with a custodian in place, the other party may be required to provide support to the child’s well-being as well.

Seven Complete steps involved in property settlement

Step 1: Disclosure of financial information

The parties involved are required to give accurate and transparent information about all their financial information without concealing any assets.

Step2: Valuation of assets and liabilities

All assets and liabilities have to be accurately valued to ensure a fair settlement. This includes superannuation, real estate, bank accounts, vehicles, investments and even personal property. There may arise a need for independent valuation of massive assets like businesses and properties.

Step3: Identification of contributions

When discussing contributions, we consider financial, non-financial and initial contributions. Financial contributions can be informed of income and investments, while non-financial contributions can be homemaking and child-rearing. Initial contribution is what one brings into their relationship.

Step 4: Assessment of future needs:

It helps to determine how the assets and liabilities should be divided.

Step 5: Negotiation and agreement

Both parties have to negotiate to reach a mutual agreement on the division process.

Step 6: legal documentation

Once an agreement is reached, it needs formalization through legal documentation.

Step 7: court approval

If the parties fail to reach an agreement with the division of assets and liabilities, the matter will then proceed to court, which will make a decision based on the evidence and facts presented while observing the principles of fairness and equity.

Be sure to work with the best property settlement lawyers in Brisbane so that you have access to sound legal assistance and expertise.

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