How Long Does A Divorce Property Settlement Take?
What Is A Property Settlement Agreement?
Whether you have decided to work with one of the best Calgary divorce mediators, or are amicably trying to divide things between you and your spouse (or maybe, you’ve decided it’s best to let the courts handle everything); you’re going to need to come to a Property Settlement Agreement before you are able to move forward with your divorce. But what exactly does this entail, and more importantly how long will a divorce property settlement take?
A divorce property settlement is undertaken when one or both parties in a marriage decide to separate. A legal document known as a Deed of Separation must be signed by the couple, whereby they decide how their assets will be divided and if maintenance payments will be made.
A divorce property settlement is subject to the interpretation of several rules and legal precedents so it can be somewhat tricky to pinpoint exactly when you’ll receive your assets. That said, there are several key factors that determine how long this will take, such as how long it will take you and your spouse to agree on the following:
- Savings and investments;
- Trusts and life insurance proceeds; and
- Division of furniture and art.
A property settlement should also outline the financial responsibilities of each spouse such as paying alimony and child support, as well as paying any shared debts. Since these decisions will greatly impact your financial future, it is always a wise idea to seek guidance from someone who specializes in divorce finances.
How Long Does a Divorce Property Settlement Take?
The process of reaching a property settlement in relation to divorce can be a lengthy and, often, frustrating one. It is unfortunate that the length of time it takes to reach a property settlement will have a knock-on effect on many other areas related to your divorce.
If either party is litigious or simply wants to drag out proceedings unnecessarily this will affect not only the length of time it takes to reach a property settlement but may also delay the completion of the divorce itself. However, if you both want to keep things moving forward, and want to try and reach an agreement as quickly as possible, then you should be able to complete this process within 8-12 weeks.
Using the services of a professional, such as those of a Calgary divorce mediator can help the process run more smoothly. A divorce or family mediator is a neutral third party that will meet with you and your ex-spouse and helps you both come up with solutions while negotiating the stickier parts of your separation from your spouse.
The faster you and your spouse are able to come to final agreements, the faster you will be able to proceed with your divorce.
How Is Property Distributed After A Divorce?
Matrimonial property is generally divided equally between the spouses after the marriage ends. There is also property that is excluded from equal division after the end of a marriage called ‘exempt property‘. Examples of exempt property include:
- Property received before marriage;
- Property that has been inherited;
- Property gifted from a third party;
- Proceeds from an insurance policy; and
- Awards or settlements related to damages to an individual.
The best way to ensure you are receiving your fair share of matrimonial property is to work with a family law lawyer or a Calgary divorce mediator. Emotions can run high when you try to negotiate with your spouse on your own, a professional can assist in executing a fair agreement between you and your ex.