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For most people, going through a divorce or mutual separation is hard because this is the first time that they come across such a situation in life. Unfortunately, not many of them are aware of the repercussions of a divorce, which is why they don’t even have the basic knowledge of the facts and figures. As we discuss the concept of divorce with the masses, it is not shocking to come across people who are uninformed about its laws. So if you want to know some valuable information about family law and divorce, we’re glad to have you here.
Although we’re not suggesting you go for it, it is important for you to know everything about this process. If there is a little sign of hope, you must give another chance to your relationship. However, if nothing has worked, sift through the information that is mentioned below:
1. Children Have Rights
In simple words, when it comes to mutual separation, children have rights. Law believes parents have responsibilities, so they need to go the extra mile to take care of their kids after the divorce happens. Regardless of how much you contribute to child support, both the parents will not be entitled to equal or more time with the child. However, if both of you want, the court will allow you to spend equal time with your kid. However, if the court believes it is in the best interest of your child to have you both around, you will have to spend time with your ex while taking care of the kid. However, this doesn’t mean that the court wants you both to get back. Hire a family lawyer if you want to gravitate things in the right direction.
2. Property Isn’t Always Divided in a 50/50 Ratio
Most separating couples believe they should own everything and divide the assets in 50/50 when they decide to separate. While this does apply in many cases, family law has clear principles about the division of property. Keep in mind, when the property is divided, this work is done according to a number of factors. For example, the current and future needs of the partners are considered. Similarly, the assets and liabilities are acknowledged as well when the property is divided. However, the court will also look at your age, current income, employment status, and the respective responsibilities towards your children. For example, if you decide to separate when your child is just two months old, the court will consider the future needs of the baby when dividing the wealth.
3. Creating a Demarcation Between Financial Statement and Getting Divorced is Important
In simple words, getting a divorce certificate and walking through your finances are two different things. To legally finalize your finance, it is important for you both to sign a legal agreement. However, if you want to end a marriage, it is crucial for you to register for a divorce application. Intriguingly, once you file the divorce settlement, you only have 12 months to finalize your finances. Experts suggest you sort out your financial statements as fast as you can. If you don’t have enough knowledge about sorting such things out during a divorce process, you need an experienced attorney.
4. Everything is Included in The Division of Property
Apart from the assets and liabilities, everything in the shared property pool will be included in the division of property as well. This is inclusive of the monthly income, interest charges, shares in companies, and even trusts. So you need to be mentally prepared; the court will hound every part of your financial investments. However, this doesn’t mean that everything will get divided quickly. You need to have a perspective on the full picture of the property when deciding to seek a divorce from your partner.
Thank you,
Glenda, Charlie and David Cates
