Despite popular beliefs, dividing a property isn’t always a 50/50 exchange. How a court decides on property settlement doesn’t involve a set formula – it’s simply based on your own unique needs. In Family Law, property refers to everything you acquired during your relationship. This includes assets and liabilities (debts).
Property mediation is an essential part of helping with the process. Used to assist with resolving any property issues so you and your spouse can move on quicker.
Division of property and assets isn’t always straight forward. When emotions are running high, it’s a good idea to have a professional third party to break down the information and work out entitlements.
Mediation is a confidential, fast and effective way to resolve property disputes. Through effective mediation, an agreement can usually be met by both parties which saves time, money and stress in the long run. Having a structured process in place increases the control both you and your ex-partner have over the decision and ensures you’re in compliance with agreements and documentation. In most cases when mediation is involved, property settlement will not need to go through the courts after a divorce or separation. Before going through mediation, make sure you have all the relevant documents to help with the process.
Mediation for property settlement is a structured, confidential process that is designed to help both parties reach an agreement. If you and your former spouse are married, you don’t need to wait until the divorce is finalised to move forward with mediation and property settlement.
Regardless of whether you’re married or separated, getting on top of mediation to assist with severing financial ties as soon as possible is advisable.