In the initial phases of property settlement, offers are exchanged between parties to avoid the matter being taken to Court. These offers that are usually made directly between the parties will have little basis on what is a fair settlement as set out by the Family Law Act 1975. It is not just based on the assets of the relationship. One common mistake people make is to accept the first offer made to them, in order to save themselves the emotional stress of further negotiation or even obtaining legal advice.
The offer may seem reasonable at the time, but it is important to listen to independent legal advice to ensure you are getting fairly compensated, as you don’t want any regrets down the line. Many people are purely unaware as to what they are entitled to, so seeking advice is the only way to be sure.
Although it is known that going through a separation is an emotionally draining time, it is still important to remember that the emotion will eventually subside and you do not want to be in a difficult financial position that you could have prevented. It is essential that you are well-informed and confident that you are receiving the best settlement possible to be able to move forward with your life.
If you have any questions about what constitutes a reasonable settlement for your family law matter, please do not hesitate to contact our office.