Settling Big Complex Issues

Complex Issues: Divorce settlements can sometimes turn ugly, prickly and acrimonious. People say it might not be as thorny as, for instance, child custody. However, it has the chance of becoming protracted, and can cost heavily on both parties.

The decision to get a divorce can be emotional and gut-wrenching. Like what everyone knows, it’s often more challenging—and costly—to get a divorce than it is to get married. 

In a way, you split lives that had been together and intertwined for decades. 

Settlement Agreement

A Divorce Settlements Kirra agreement is a legal document laying out the terms of your divorce. It had been described some hundred ways, but what it is called matters less than what are included in the agreement.

This document settles the terms of your divorce. If you can come to an agreement with your spouse, you can avoid having a judge divide your assets and property for you, making settling usually a better option than going to trial.

However, there is a need for an experienced and competent lawyer to handle such situations and such types of settlements.  He brings focus to the mediation process better than any of the parties involved. 

Accordingly, the lawyer needs to be devoid of unnecessary emotions himself to best serve the interests of both parties. 

Procedures

Property settlements in Australia come in four steps. First, there is the identification of assets (finances and liabilities) and the assessment of financial and non-financial contributions. The next one is the future needs considerations of both parties.

Lastly, there are other future needs aspects that must be appeased – the ages and the health of the parties involved, which one cares for the children and others. (The court may give the party with the lower earning additional loading of the property.)

Settling Time 

The property settlement can be done immediately after the separation. If no agreement had been reached, the statutory time period to make an application to the courts would take effect immediately.

The time frame is one year from the date of the divorce order for married couples and two years for the de facto couples from the date of their separation.

Settlements

Couples usually make the mistake of keeping the other in the dark with regards to finances. Being organized is to make copies of important financial statement records (bank accounts, brokerages, retirement, etc) and other matter of conjugal concerns.

This includes the other data on the marital lifestyle (checking accounts, charge cards, tax returns) and others pertinent to the couple’s finances. 

This is especially important on joint checking and brokerage accounts or assets that can be liquidated or re-titled without the other’s knowledge. 

Division Of Assets

Courts divide marital assets according to the guidelines set out for them in state statutes. When considering how to divide assets, a judge usually is required to consider several factors. 

These would include what each spouse contributed to the marriage, both economically and non-economically. Also considered are the earning capacity of each partner, the earning capacity of each, and the financial resources of each, and the length of their marriage. 

When working to settle your marriage, you should consider the same factors. This will help to guide your decision-making and assist you in creating a fair division of assets.

If you and your spouse signed a prenuptial agreement before your marriage, its terms are used to divide your assets.

Settlement Definitions

Before getting into a settlement agreement, there is need to briefly define a few terms. 

 Marital property. Marital property is any item, asset or debt (with a few exceptions) acquired during the marriage. This includes income, your home, bank accounts, credit card debt and retirement accounts.

Separate property. This property was acquired prior to your marriage and in most cases, separate property and not divided in the divorce unless it is commingled with marital assets or your spouse helps you maintain or increase its value.

Community property states. In a community property state, marital assets and debts must be divided equally. 

Equitable distribution means a court looks at each case to determine what’s fair. While it sometimes results in a 50/50 split, the asset division often favors one spouse, even if just slightly.

Mediation

Both spouses can reach a fair settlement of most issues of the divorce through mediation. This includes such aspects as child custody, support, alimony, property division and others. 

Mediation can save both the heavy expenses in fees in settling their differences, minus the emotional distress.

Mediation is often required by courts when you cannot agree on all terms of the divorce and can be extremely helpful when attempting to negotiate on your own. 

Neutral Mediator

Mediation employs a neutral 3rd party mediator (usually an experienced lawyer trained in mediation) to meet both you and your spouse and helping reach an agreement. The mediator will not judge in any way and this is totally voluntary.  

Many couples think they will agree on everything and want to write their own agreement. This is wrong. Not only could you make mistakes that can impact your long-term rights, but you could write it in such a way that it’s unclear how assets are divided.

Costly Hearings

If you and your spouse agree on most terms of your divorce, going to mediation can avoid costly hearings and time in front of a judge. Best of all, you will work out a legal and enforceable agreement you both feel comfortable with.

Mediating lawyers (some mediators may not be lawyers) can help you negotiate a fair settlement agreement. They can help you understand what a court might decide in your case and suggest an outcome you both can live with.

Advantages 

One big advantage of mediation is the flexibility of the terms of your decisions on what works best for you and your family. This is in comparison to the usually adversarial stance in settling cases through a court where judges makes the decision.

The disadvantage of mediation is in the unwilling attitude of one spouse to compromise or maybe hiding assets (or income) and the refusal to come out clean for everyone. T

This is the one time you need to go to court in order to compel your spouse to comply.

Getting your due through mediation or going to court for your divorce settlements can be painful and full of stress. It can also be a relief for both parties.

Child Custody / Support

Any divorce settlement agreement involving minor children is automatically much more complex. Almost everywhere, the courts analyze both parental rights by considering what’s in the best interest of your child. 

If one spouse has been abusive or neglectful, then the other spouse may have a good argument for requesting full custody and substantial child support.

Courts also assume it is in the child’s best interests to have relationships with both parents and usually prefer 50/50 shared parenting responsibilities. This is what you need to decide when working out your own agreement.