Mistakes to Avoid in Property Division

Posted by on Apr 17, 2012 in Property Settlement | 0 comments

Mistakes to Avoid in Property Division

Apr 17, 2012 in Property Settlement

Don’t wait too long to get legal advice. Consult an attorney early on – before you separate is ideal, but as soon as possible thereafter is ideal. You’ll need to understand the law before you make changes in ownership, incur debts, or purchase property.

Don’t transfer property or debt without speaking with an attorney. Transfers of property and debt should be done as part of a planned division of property. Get advice before you act.

Don’t sign a Property Settlement/Separation Agreement without legal advice: A Property Settlement Agreement is a final resolution of property rights. You should sign only after your attorney reviews it.

Don’t get divorced without consulting an attorney. Your right to divide your marital property and debt are waived if they are not properly preserved or resolved before divorce is final.

Don’t base your legal decisions on advice from friends or relatives. There’s a lot of misinformation out there about divorce law. Your circumstances may be different in ways that are legally important, or you may be hearing only part of the relevant facts. A qualified attorney will advise you of the laws that apply in your situation.

Don’t base your legal decisions on laws from another state. Laws for dividing property in divorce differ significantly from state to state.

Don’t use a form Property Settlement/Separation Agreement from the internet. A separation agreement should be tailored to your particular situation – if it is not, an asset you may think you own outright may not be completely yours, and the debt you thought you were free of may still be your responsibility. Because the law of Equitable Distribution is extremely complex, it is important to seek the advice of an experienced attorney before you sign a property settlement agreement.

We at Durham Family Law Group can advise you of your options and guide you through this process. Call us to schedule your consultation.