Division of Assets – Albany Relationship Property Lawyer
Going through a separation or divorce is undoubtedly one of the most challenging experiences in life. During such a tumultuous time, having the right relationship property lawyer can make a significant difference in navigating the legal complexities involved. In this comprehensive guide, we’ll explore how to choose the right Albany relationship property lawyer, the key qualities to look for, and actionable steps to ensure you make an informed decision.
Understanding the Role of an Albany Relationship Property Lawyer
The division of relationship property is usually a fraught situation. One side, perhaps both sides, want to maximise their financial result from the division of the joint assets. Some may think that they deserve more because they earned more.
Other times one partner may think that they should retain the house. This is especially so if they were the owner prior to the start of the relationship.
The role of an Albany relationship property lawyer is to explain to their client the reality of the division of matrimonial assets.
How Is Relationship Property Divided?
In simple terms, all relationship property is divided equally between the two former partners.
Relationship property is defined as any assets earned or generated during the length of that relationship. All property is assumed to be owned equally so if one partner earned more than the other, that is irrelevant. The income is assumed to be equal.
Similarly, if one partner owned a house prior to the start of the relationship, they are not entitled to the house at the end. Instead, the value at the start is deducted from the end valuation, and the difference is to be split equally.
This does not mean that all assets have to be split but that the total value is divided equally. For example, using the prior-owned house, if that party wants to keep it, then they either give cash to the other side for their share of the value growth, or they offer an alternative asset such as shares or investments. The end result is that both sides end up with an equal value of financial assets.
These concepts are often difficult for either or both parties to accept, but that is the law, in broad terms, in New Zealand. It ensures that one party is not dominated or railroaded by the other. Both sides have an equal financial start going forward.
What To Look For In A Relationship Property Lawyer
The first thing that you want to find out is their personal style and communication. Effective communication is key. Your lawyer should be able to explain complex legal terms in simple language, keep you informed about the progress of your case, and be responsive to your queries. You will be dealing with highly emotive topics which can be upsetting to you. You will want to work with a lawyer who understands your situation and can be empathetic with you.
Secondly, you will obviously want a lawyer who has experience in this aspect of the law. Look for Google reviews to see if other people recommend them or have a bad experience with them.
Fees
It is unlikely that a lawyer will give you a fixed fee because they do not know the extent of work involved at the start. However, they will be able to give you a ball-park figure, and also their fee structure.
Conclusion
Choosing the right Albany relationship property lawyer is a critical step in your separation or divorce.
A good lawyer will be able to explain to you your rights and obligations. Sometimes these will be difficult for you to accept so you will want a lawyer with empathy too.
If you are going through a divorce or separation, get legal advice as soon as possible to protect your interests.
McVeagh Fleming is a law firm in the centre of Albany and they have a team of lawyers who will be able to help you.