Marriage is a very happy phenomenon between two consenting individuals.
It is connected with elements of love, support, and understanding of the two parties involved.
In today’s scenario, we can observe multiple families that break up due to unhappiness caused by keeping the marriage alive.
In such situations, the parties tend to choose an option called divorce, terminating a marriage.
In divorce cases, it becomes mandatory for the parties to settle on certain issues like properties, alimony, etc.
In this article, let’s look at family law on divorce property settlement.
It is very difficult for everybody to be aware of all laws that pertain to family matters, and as such, it becomes easy to overlook certain intricacies.
In some marriages, there are pre-nuptial agreements that have pre-defined notions on how events would transpire in the unfortunate event of a divorce.
However, it is very unlikely that the parties agree to such agreements, and as a result, there is the need for the involvement of lawyers to come to an understanding that benefits both parties.
An application must be made to the courts that have jurisdiction over the matter within 12 hours of the finalization of divorce to express the dissatisfaction in the agreement.
After establishing its jurisdiction over the subject matter at hand, the court then proceeds to amend the property interests of the parties.
It is a five-stage process that is thoroughly monitored through rigorous examination of the following.
1) Whether it is justified and an equitable decision to order given the circumstances of the parties?
2) The nature and value of the property, the aligned interests of the parties, and the retirement details of the parties involved.
3) The financial, non-financial, and homemaker contributions to the property in dispute and all factors associated with this.
4) The future needs of the parties that are defined according to law.
5) The thorough examination of the process and probing whether or not the order passed is justified and equitable towards both parties.
Modifications in Agreements:
In cases of contracts, it is usually difficult to modify the terms and conditions of an agreement. All financial matters related to property, debt, expenses, etc., are considered written in stone.
However, the same does not follow in family law, as if both parties consent to a change, they can do so by entering modification agreements incorporated as a new court order to modify the previously defined interests.
Family law on divorce property settlement is one of the subjects under the broad spectrum of family law.
Due to the complex nature of the agreements that have to be undertaken, it is usually recommended for all the parties involved to seek assistance from lawyers that are well established in the industry and are aware of all the loopholes.
This might also act as a way to improve the broken marriage by avoiding future disputes and is done primarily to protect the assets of all the parties involved.
There are also time limits set under the law to ensure the misuse of it and protect all the parties involved.
A married couple has 24 months starting from the date of their separation to file for property settlements.
They have 12 months starting from the finalization of their divorce. The court rarely grants extensions to the couple, although it has been observed in certain situations.
The general recommendation for parties is to file for property settlement earlier, especially in scenarios where they are in ownership of assets that appreciate longer periods.
Uncontested divorces take less than usual and are easier since the members involved agree with their views and necessities.