The process of separating out assets on the breakdown of a relationship can be an emotional and complicated process. As lawyers we need to review the asset base of the relationship from a relationship property perspective and then provide advice to you as to a suitable process to take and outcome to anticipate.
While we always encourage people to attempt to come to property agreements from an amicable perspective this is not always the case. However, it is important to consider that the more drawn out a process a separation settlement becomes the more likely the stress and costs will increase with that increase in time.
Prudentia Law has a basic questionnaire that can allow separating couples to provide a framework on their own time as to what assets are agreed to be split and the methodology for that. To that end time and money can often be saved with avoiding any unnecessary exchanges between the parties’ professional advisors.
The area of solvency for an individual often raises its head when the economics times are not so good and people may have over-extended themselves. High levels of debt, personal guarantees related to failed businesses and/or adverse litigation results can see people facing large creditor bills or damages which they cannot pay.
If such a situation arises it is important to get advice around what steps can be taken. Often there are methods to deal with personal insolvency that do not involve instantly bankrupting oneself.
If you find yourself in a difficult financial position and are wanting to know what options you have with regards to dealing with your creditors, feel free to get in touch with us.
Relationship property is an area that involves no hard-and-fast rules, but one which is continually evolving to meet the changes within society. In a nut shell, it involves the rights of parties in respect of assets of those in a marriage or de facto relationship.
Let Prudentia Law assist with implementing an appropriate relationship property agreement for you in order to protect assets you have built up from your hard effort and expense from being diluted if your relationship was to come to an end.