Divorce, an unanticipated turning point in a person’s life, has a significant financial impact on individuals concerned. In a mutual divorce, the husband and wife agree on financial conditions that are agreeable to both parties. They have complete control over the settlement’s mode and specifics. Any asset and money can be included in a divorce settlement, or none at all. The partners only have to reaffirm their agreement in court.
Financial factors should not be mixed with the emotional aspects of divorce. Understand the specific process by the family law firm in Sydney as a first step, even before addressing the financial concerns.
Here are 6 crucial aspects and factors you need to know while planning for a divorce:
1. Time period:
In most mutual divorce cases, the court orders a counseling session and a six-month “cooling-off” period to allow for healing. If the couple confirms their choice to divorce after six months, the court will issue the divorce. The legal proceedings in a disputed divorce can take longer than six months, and it can take up to two years before you receive the first relief from the court.
2. Children being involved:
When a couple has children, stuff becomes even more complex. Because, in such a circumstance, the top priority is to safeguard their interests. Regardless of who wins custody of the kids, both sides should make plans for their well-being. Spouses can agree on a lump-sum payment or a staged payment to the one who will acquire custody of the kid, either at different phases of the child’s scholastic life or a monthly amount with gradual increases to account for escalating costs of living.
3. Lawyer:
Although pro se (for oneself) defense is permitted, do not actually take your own case. Ask around for an excellent lawyer at the courthouse. Read up on the lawyers who have been widely covered in the press; they will deliver quality results.
4. Your knowledge:
Even if you have the finest attorney, you should read up on basic marriage laws to grasp your basic rights, the steps of divorce, and how courts work. Knowing the basics of the law can also assist you to decide whether or not certain details should be shared with the lawyer.
5. Future:
Your financial future should not be affected by your marital conflict. You must take steps to restore any financial damage it may have caused. If you had a financial plan in place before the divorce, you may already know however much money you have made and consumed. It becomes sensible to rethink financial goals now, given the changes in duties and risk profile.
6. Further difficulties:
If the issue ends up in court, the opposing party may try to prove that you don’t require maintenance. Your opponent may attempt to present evidence in court to indicate that you are involved with another person and do not require financial support. A way out is to make sure you and your lawyer are always in touch and ready to defend such arguments.
