Make sure you remain calm and respectful when negotiating your property settlement. It will go a long way to being able to resolve your matter if you stay on task and keep a business-like approach as much as possible.
HERE ARE 10 PRACTICAL STEPS TO HELP YOU NEGOTIATE YOUR PROPERTY SETTLEMENT:
Step 1. Write down your assets and liabilities at the time you and your partner commenced your relationship
Step 2. Have your partner write down a list of their assets and liabilities at the time you and your partner commenced your relationship
Step 3. Write down a list of assets and liabilities that have been generated during the relationship
Step 4. Disclose all of your financials, including income, assets, and liabilities
Step 5. Determine what the property pool is (total assets minus total liabilities)
Step 6. Try and reach a fair agreement with respect to who is to retain what property
Step 7. If you disagree on a matter, find something to bargain with
Step 8. Time your negotiations
Step 9. Reach a middle ground and settle.
If you can reach an agreement with respect to your property settlement, you will save yourself money that would otherwise be spent on legal costs using lawyers to negotiate your property settlement for you. Once an agreement has been reached, you can retain a lawyer to prepare the required documents for your outlining your agreement, and file them with the court.
Example of assets
- Income (salary, wage or dividend)
- Funds in bank
- Money you are owed
- Property (sole or jointly owned)
- Interest in a company or business
- Cars, boats, trailers, machinery, tools
- Personal injury awards
- Shares, stocks and bonds
- Valuable collections (ie antique collection, sports memorabilia collection – any collections of value)
- Insurance policies
- Furniture and contents.
Example of liabilities
- Mortgage over property
- Home equity loan
- Car loan or car lease
- Student loan
- Other loan (personal or joint)
- Credit Cards
- Tax debt or liability.
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