Divorce Guide

Divorce Guide

Divorce and Divorce Property Settlement

Divorce property settlement is a legal action taken between the married couple to end their relationship and to settle all of their financial assets. Divorce is a harsh situation in a coupleís life. However if any one opts for it he/she has to face many consequences. The rate of divorce is increasing, because of lack of understanding and the lack of patience.

Divorce, the word itself is painful. Where couples commit to be together forever, and when things go wrong they just canít bear each other and decide to end their marriage. There are many causes of divorce. Causes of divorce percentage wise is given below

  • Extramarital affairs- 27 percent
  • Family strains-18 percent
  • Abuse-17 percent
  • Addiction to drugs and alcohol-13 percent
  • Mid- life crisis-13 percent
  • Workaholic- 6 percent.

Divorce procedures are time consuming. From the time you file for divorce till the time you get the divorce. Many factors are taken into consideration

  • Duration of marriage
  • Age
  • Marriage contribution
  • Financial resources of each spouse
  • Obligation of each spouse and financial needs.

Property settlement

There is judicial division of responsibilities and property between the spouses during the divorce. This division can be done by an agreement, by a judicial decree or through property settlement. Property settlement plays a major role in divorce. After the divorce is filed in the court, each spouse should mutually decide about the property settlement. If the matter is not resolved mutually then the court gives the final decision of the property settlement.

There are two types of property settlements.

  • Community or marital property settlements
  • Separate property settlements.

Community or marital property :

The property which is purchased by either or both of the spouses during the time they are married is known as community or marital property.

Separate property:

The property which is purchased by either of the spouse before marriage is known as separate property.

Once a party has applied for divorce and a decree dissolving the marriage has been made, both the spouses have 12 months from the time of application for the Divorce Property Settlement. However if you are negotiating with the other party to reach an agreement about division of property, the proceedings are to be commenced in the family court. You should also need to go through process of knowing all the assets of your spouse, liabilities and all the financial resources.

Steps for property settlements shall be taken early where each spouse gets time to discover all the financial assets. After the financial position of the parties is clear the court proceeds further.

Identification and contribution of both the parties

Contributions made by both the spouses both financially and non-financially are taken into consideration in the divorce settlement. Depending on the contribution, the division of the property is made percentage wise and allocated to the spouses

Under the family law act section 75(2) and section 79(4) the adjustments can be made to the percentage division of the property.

Divorce property settlement may sound a simple one but in reality itís a very complex process.

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