How Personal Injury Attorneys Can Help You

How Personal Injury Attorneys Can Help You

Why Property Settlement Is Rarely Equitable

by Evan Henderson

Some people think that should they decide to separate once they have been in a formal or de facto relationship, the assets should automatically be split 50-50. Yet, this is far from the truth, and in fact, the legal system will take into account many different factors before deciding who should get what. So, if you imagine that you should get half of all the pooled assets, what factors do you need to think about as you reconsider your position?

Looking at Everything in the Round

While a relationship like this is indeed a union of two people, this does not make it equitable from a property settlement point of view. After all, it is highly unlikely that the two individuals have the same kind of personal assets or have contributed in entirely equal capacity to the relationship over time. Further, the law considers other non-financial contributions, which can considerably sway the final judgment.

Intangible Considerations

Non-financial contributions can be many and varied. For example, one party may have spent a great deal of their time looking after children on a non-remunerated basis, as is usual. They may also have dedicated a lot of their free time looking after the home, taking care of maintenance, cleaning or even improvement. The fact that they have done this for no direct financial contribution will nevertheless be considered as the judges determine who should get what.

Opening Balance

Financially, each party must itemise how they have contributed and where they stood at the beginning of the relationship. In other words, what assets or savings did they possess before the relationship got underway.

Current Assets

Then, the law requires that judges consider any assets or property introduced since the start of the relationship on a fair and equitable basis. They will look at the net value of any such property after any liabilities have been taken care of.

Looking to the Future

The two parties may not have an equal capacity when it comes to future earnings. One may have a high-paying job while the other may have relinquished any direct earning opportunity to look after the children. As such, the latter may need more resources from the asset pool in order to look after themselves in the future. The judges may also need to take into account the age of the individuals and their state of health.

Putting Things Forward

As you can see, this is far from a clear-cut scenario, and it's highly unlikely that a family court would split everything down the middle. As many of these factors may be open to interpretation, you should bring in a family lawyer to help you stake your claim. This may involve a certain amount of negotiation, and you may need to set out your position very clearly to the family court.

Contact a family lawyer if you have more questions. 


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How Personal Injury Attorneys Can Help You

If you've ever been in an accident, you know that it can be a very traumatic experience. And if you're not injured in the accident itself, you may find yourself dealing with injuries caused by the aftermath. Dealing with insurance companies, doctors, and lawyers can be overwhelming. That's where an accident and personal injury attorney comes in. This site explains how an accident and personal injury attorney can help you get the compensation you deserve for your injuries. While our writers are not legal experts, they are dedicated to publishing accurate and useful advice. Read on to discover everything you need to know!