What You Should Know About Property Settlement Lawyers

There are many instances when you would require the services of a property settlement lawyer, but the most common situations are when a married couple divorces and there are disputes in a property settlement and when a person dies without leaving a will detailing how his or her property should be shared. Here's what you need to know about property settlement lawyers:

Listen to Both or All the Parties Linked to The Property

Of course, a property settlement lawyer cannot take action without first listening to all parties requiring a share of the property. This helps property settlement lawyers know how the party is related to the property and whether the party has a right to a share of the property.

Identify the Size of the Property

After carefully listening to all parties, the property settlement lawyer carries out research to identify the size of the property, also known as property pool. This might take some time because it needs to be thorough, detailed and accurate.

The property settlement lawyer assesses the finances, physical assets and liabilities of each party. These might include jointly owned assets and accounts, savings, ownership of the family home, cars, debts, shares, family trusts, superannuation, etc.

What Happens Next?

You should know that property is not always shared equally; upon evaluation of the property pool, the property settlement lawyer evaluates each party individually and determines how each contributed to the accumulation of the property, their age, financial situation, health condition, etc. Simply put, property settlement lawyers have the skills and experience to consider all factors that may help make the settlement of property as fair as possible based on multiple factors.

What If You Are Not Happy With How Property Is Shared?

If you feel like the property was not shared out equally, you can raise your case with the lawyer giving reasons. Ensure that the reasons are not emotional; they should be justified. For example, if there was a joint business or joint property ownership and a particular party did not contribute anything but is claiming to have some share of the estate, you have a right to claim it solely.

Can You Use the Same Property Settlement Lawyer?

The best way to go about settling a property dispute in a divorced or de facto relationship is to get different property lawyers to avoid bias. You get assurances that your needs are carefully assessed and considered.

For family properties left by a parent without a will, you can use one property lawyer, but if you feel like there might be bias or a problem somewhere, get different lawyers.