The Final Reality: Divorce Property Settlement
If and when married couples decide to dissolve their matrimonial union, much pain and anguish associated with this decision. Some of this pain can be emotional, physical, and mental. This torment can be attributed to the fact that the original intentions of marriage incorporate such commitments as loving, honoring, working through sickness and health situations and not allowing anything to dissolve the marital union except death.
Also, one additional pain that can be associated with divorce is financial pain. This financial pain is due to the fact that possessions and financial strides that have been made as partners now need to be divided as well. Therefore, it is important to understand about divorce property settlement, protecting the interests of all involved and the pitfalls associated with a divorce property settlement.
What Is Going On Here?
A divorce property settlement is an arrangement that occurs when the assets of the divorcing couple are divided. This process can take place in a courtroom, can be done by an arbitrator or can be accomplished fairly between the divorcing couple themselves.
Specifically, if the interested parties cannot come to terms in regards to a settlement, a court-appointed arbitrator may be assigned to help facilitate an agreement between the two parties. If an impasse is experienced, then the judge will preside over the case and make a judgment in regards to the divorce property settlement.
Protecting The Individual's Interests
Generally a divorce property settlement is defined as each of the separating entities receiving a 50-50 split of the couple's assets. However, there may be extenuating circumstances in that one of the divorcing partners may have been abusive, unfaithful or exhibited some other untoward behavior. If such behavior is brought to light during the settlement proceedings then there may be a more differentiated split of the assets between the divorcing couple.
Pitfalls
As with anything, there can be many pitfalls associated with a divorce property settlement. First of all, because of the emotion involved, one of the individuals may be extremely vulnerable. Therefore, it is of extreme importance that proper representation be achieved so that an advocate can properly represent the individual's interests in the divorce.
In addition, it is of extreme importance to take in consideration all assets involved as part of the matrimonial union. Some of those forgotten assets may include retirement or pension plans.
Finally, it is of extreme importance that before signing any agreements, the individual is fully aware of what terms are involved with the divorce property settlement. Therefore, it is important to understand the arrangement that is being proposed before any signatures are given.
