After a couple opted for ending their relation legally, the next that they will need to is to come into a settlement for the division of their assets. This needs to be settled into an agreement which is known as the consent paper. The consent paper will regulate the division of the properties after their marriage is terminated. Both the parties have the freedom to apply for the division of the property. The division of the property is based on the inventory which the couple has acquired during their marriage. Anything that has been owned before the marriage or any property which has been inherited during the marriage of the couple won’t be counted as marital property. One of the best ways for not escalating the hardship anymore is by staying honest and transparent. If you have stored any sum of money in any of your accounts, you should reveal that too as it is common property for both the spouses.
If you consider that you can make it through by stowing away your personal property into some corner, then you are gravely mistaken as the divorce attorneys will have a detailed data of all the things that you have owned while you were married. They will dig out each and every little property from every corner. And if you have been found guilty of hiding things from the court, then you will be penalized for the same. So, it is always a wise choice to reveal each and everything that you own from the initial stages. But in the meantime, you should also take help from a mediator for negotiation during the settlement. And the spouses should have their separate attorney during the settlement, And before the signing the agreement, it is essential that you thoroughly through the agreement paper to make sure that you aren’t paying anything extra.
Here are a few tips that you can do while dividing your marital assets
When you are stuck with any complicated issues during the division of the property which usually comes up during the process, the best way to solve it is by hiring a mediator. In some states, mediation is mandatory during the divorce process while in some states, it is not. If you can come up with an agreement during the divorce process, then you won’t need any mediation, and if you can’t, then it will be mandatory for you to hire one and it will be worth your money and time as well. The mediator will work through the settlement issue before the court gets involved.
If both of you own anything mutually, such a piece of art or anything fancy with which both of you are mutually attached, then that should be settled by both of you mutually. It is not advisable to involve a judge as they won’t be able to understand your emotional attachment.
A judge will only go through the assets that you have acquired during the marriage and will ask you to divide them according to the law of the state.
And your responsibility towards your spouse doesn’t end right after filing the divorce. Your fiduciary duty will continue till the day the divorce is finalized, and if there is any violation of duty during this period, you will have to face legal consequences.
Research the various stages of divorce and division of assets. This will help you to learn and also prepare yourself for the various circumstances which you may face during the divorce. Thoroughly go through the rules and laws of your state as it will help you to get familiar with it. You can also consult a lawyer who can help you out further with the issues. The best divorce lawyers in Bengaluru will help you to understand about the various divorce rules and regulations of Bengaluru.
Division of assets is a complicated process. But choosing the right lawyer can help you make the whole process easy and stress-free.