LIFESTYLE

The Importance of Obtaining Legal and Financial Advice When Negotiating Your Property Settlement

If you are negotiating your divorce settlement, make sure you’re not in the dark about your finances. If your partner always had the upper hand or even got to make all the financial decisions throughout your marriage, that’s going to leave you in a bind. If you suspect your partner is planning to ask you for a divorce, it’s not too late. Get as much information as possible. That’s also where legal counsel comes in. Here are some of the ways hiring a lawyer will help you negotiate.

Determine the Real Value

If you’re not aware of how much your shared assets are worth, you might say yes to a settlement offer that’s much lower than it should be. Know your worth and how much you can ask for, especially if you have kids. By hiring experienced Adelaide family lawyers, you won’t fall for an offer that’s much less than what you and your family deserve.

Identify the Properties

Are you fully aware of your assets? It’s not just the properties. You could have stocks and bonds. Your belongings, business, investments, and cars are all part of the property pool, the Relationships.Org says.

Retain Objectivity

Divorce is a disruptive time. For a lot of couples, it’s hard to retain one’s objectivity at this time. But this is also the time when you need to do that most of all. Finalizing arrangements for the property and kids you have is emotionally draining. Having a lawyer means you have someone to help you stay objective throughout the settlement discussions. If one or both parties can’t stand the sight of each other, they could say or agree to things that aren’t advantageous for them in the long run. A good lawyer can help you not make that mistake.
Don’t Give It Away

If you are feeling sorry for yourself or guilt for what happened, you could give the farm away. Don’t do that. Good thing you have a lawyer to help you stay focused on what you need to get out of the settlement. Having someone there to look out for your best interests means you can move on with better prospects for your financial future. That matters, especially if you have kids.

Ensure an Equal Division

Make sure you’re getting a fair share of your assets. If you focus too much on the properties, you could miss out on other shared assets that you have. Talk to your lawyer about that. That way, if your spouse insists on keeping the stocks, for instance, then ask for more than 50 percent of your shared properties. That’s only fair, after all. Your lawyer can help you determine how to go about that division.

Determine Your Budget

How much do you need to earn to keep the properties maintained? Is your salary enough to cover those costs? If that isn’t the case, will you receive spousal support? Will that be enough? Make sure you talk to your lawyer about that. Your assets include your family home, holiday home, and household effects. It could also include a business.

Prevent Adversarial Encounters

It can be hard to talk to your spouse about dividing your property. Having your lawyers present could prevent an adversarial encounter and even court process. It could also help the couple arrive at a speedy resolution of the case. With lawyers to help both parties stay on their best behavior, or at least to remain civil, that also means less emotional strain on the kids.

Tie Up Loose Ends

What else is there to talk about regarding your finances? When you end a marriage, that also means ending your financial relationship as a couple to your lenders. Talk to your lawyers to tie up loose ends. That protects both sides against unwanted surprises later. For instance, your ex-spouse could claim that your name is on a mortgage or debt. Ask your lawyer how to protect against that possibility.

Less Stress

It’s already going to be a stressful time for you. Handling the divorce, talking to your kids, coping with the fallout of the end of a long-term relationship—all that means you likely won’t be at your best, emotionally. Having a lawyer to look out for your financial interests means that’s one thing less that you have to worry about. With legal help to ensure that your financial future is protected, you won’t have to worry that you and your kids will have to worry about money. At least not just yet. You have time to go over your options with your lawyer.

Nishisingh

Nishi Singh is a professional journalist and editor in New Delhi. She has studied Mass Communication from National Institute of Mass Communication.