If you have been successful in arriving at a working agreement with your partner, the next step would be to contact some legal experts and engage one who’ll help you out thoroughly with drawing up a draft. Your lawyer applies on your behalf to the court for formalising the agreement draft.
The court order is known as ‘property settlement’ injunction or ‘Consent Order’ which is legally binding to both the individuals who’re now separated.
Once you’re in receipt of the divorce order, you should make an application for a property division ruling within one year of the divorce date mentioned in the order. And if you’ve been cohabiting, you should be applying in two years of your separation.
How the court comes to a verdict?
The court has to intervene when you cannot come to a decision jointly as far as fair distribution of property or assets are concerned. The court takes recourse to three strategies in announcing its ‘property settlement’ order.
The court makes a listing of all assets and liabilities including property you owned before marriage or endowments and gifts that you may have received during marriage. Secondly, the court considers how each individual has contributed to the liaison.
This could comprise your personal income, inheritances and bequests from your family before or after betrothal, nest eggs, investments relating to home improvement, your roles as a spouse and parent cooking or child care and personal memorabilia. Finally, the court takes into account your future earning potential, your health and age, your capacity to provide for any child, and the duration of your relationship.