Why Should Divorcing or Separating Couples Agree About Division of Marital Property Without Going to Court?
Posted on: 13 November 2017
One of the major issues that people usually need to iron out after divorce or separation is how marital property will be divided. Marital property refers to all property acquired in the course of a marriage. But when it comes to property settlement, debts acquired during the marriage may be shared as well. On divorce or separation, divorcing or separating spouses can either agree on how to divide marital property between themselves and then seek a court order to formalise their agreement or seek court involvement in the matter if they cannot reach an agreement regarding the matter between themselves.
Agreeing about division of marital property without going to court offers a number of essential benefits, including but not limited to the following:
Both you and your ex-spouse have control over who gets what. Resolving issues surrounding marital property with your ex-partner presents the perfect opportunity for the both of you to weigh up the situation and make your own decisions. When you reach an agreement with your former spouse, you will be bound by your own decisions and not that of the court. This way, chances are high that you'll both be satisfied with the settlement or resolution.
The emotional and financial costs of the court process will be significantly reduced. Going through a divorce or separation can be a difficult time in your life, both emotionally and financially. Having to settle issues like how matrimonial property will be divided in court can further aggravate the situation. Reaching an agreement with your former spouse on how the property should be distributed can reduce the emotional as well as financial costs of legal proceedings considerably.
If you have children, your parenting relationship is likely to be improved. If there are children born of the marriage, you and your former spouse will have an ongoing relationship as parents. Being able to agree about how marital property should be divided can help improve your parenting relationship with your ex-partner. It is an indication that the two of you can put aside your differences and possibly compromise a bit for the sake of your children. In addition to that, you may be able to learn how to communicate with your ex-partner better. This will help you resolve any disputes that may arise in the future.
If you will need to seek court intervention because you cannot reach an agreement on the division of marital property with your former spouse, it is best to have a good family lawyer fighting for you.
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