Property Settlement: How to Save Money on Legal Costs
Written on the 15th of June 2012 by Alan Wright
How can I save money on my Family Law Property Settlement?
If you want legal advice about your entitlement from a property settlement, you can reduce your legal costs by compiling your own list of ASSETS & DEBTS before you see your lawyer...
Not surprisingly, the first step in sorting out a property settlement is to get together an accurate list of assets and debts and their values... whether the asset is owned in joint names, your name or your partner’s name.
When you see a solicitor, one of the first things they will ask you is "what do you and your partner own?"
If you go to mediation the mediator will want a list of assets and debts and their values.
If you go to court then both you and your partner will need to complete a Financial Statement which, among other things, will list your assets and debts and your estimate as to their value.
Naturally, it helps if you have documents to verify the existence of the asset/debt and your estimate as to value.
What can I do to save money on my Property Settlement?
So, what can you do to get things going quickly (and reduce your legal costs by making things easier for your solicitor!)? Here is a list of some common assets and debts and what you can provide:
Although not an asset, it is helpful to have the last three completed tax returns and Notices of Assessments for both you and your partner. It is also helpful to have the last few payslips. They will provide evidence of current income and usually also provide evidence of leave entitlements.
It is highly likely that you won’t be able to get the above for both you and your partner. The more you can get the better. It may be that your solicitor will have to write to your partner to obtain their complete disclosure.
Author: Alan Wright
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