Important Things You Need to Know About Property Settlement

1. 4 Things You Must Know About Property Settlement Property Settlement is the legal process of settling out financial ties when a separation happens between couples. This includes transfer of cash, ownership of house, real estate or any other properties. Here are the 4 key things you must understand about your property settlement: 1. Separating couples need to have property settlement done immediately after separation It’s very important for a separating couple to complete the process of property settlement in order to finalize your financial ties with your former partner. Unless you do it, in future he/she may come back to have a claim on your property and also any property or debt acquired will be attached to the settlement. The court always looks at the property pool at the date of the agreement or trial and not at the date of the separation. 2. Formalizing the property settlement is a must If you formalize the property settlement then the consent order and the financial agreement is legally binding. If your partner doesn’t respect the order then you can always hire a lawyer for

2. Property Settlement in North Sydney to take legal actions against your partner. Also it becomes the final property settlement and your partner can’t make any further in future. 3. The Family Court won’t consider the tax which has not yet been realized as a liability under normal circumstances Any earnings you get after your separation, say like from winding up of business or capital gains will not be considered unless the tax is incurred before the settlement or due to the settlement. This means if you are living in North Sydney and you are earning from a business then the Family Court for Property Settlement in North Sydney won’t consider the tax on your future dividends from that business. 4. The Family Court Orders must contain all incidents of tax It is imperative that the taxation consequents of any orders regarding property are taken into account during the process of negotiation or when putting forward any order for approval in the Family Court. Unless this is done, the final order may not be just and equal.

3. For property settlement cases, you not only must hire an experienced property lawyer but also a good accountant to assist the lawyers on tax matters. Amicable settling of property and other financial ties is the only way you can have a hassle-free post separation life.