Mar 02, 2016
It is a well-worn complaint that legal proceedings are a financial black hole. However, the fact of the matter is that legal work costs money.
While some of the costs associated with property matters are unavoidable, these five simple tips will help you minimise your costs as much as possible.
- Get on the same page: Most property settlements are preceded by the separation of two people who once loved each other. As such, there can often be a lot of emotions which complicate the process of dividing your assets. However, communication is key if you want to minimise costs for yourself, as well as your ex-partner. Where possible, try to communicate cordially and promptly so as to reduce the back and forth between lawyers, because every email or phone call about that last teacup in the cupboard costs you money.
- Communicate with your lawyer: With these kinds of matters, it can often be easier to stick your head in the sand. We understand that property settlements can be confusing and emotionally straining. However, your lawyers can only help if you communicate with them. Though it may seem small, simple things like replying to emails promptly will minimise the work your lawyer has to do and will minimise those bills to you.
- Be ordered and sorted: This applies to all stages of a matter and none more so than disclosure. Reviewing disclosure documents and creating a balance sheet of the assets and liabilities held by both parties may well constitute one of the largest proportions of your legal fees! Simple things, such as clearly labelling the documents you send through and cross-checking your documents with our disclosure checklist, will dramatically reduce your lawyer’s billable hours.
- Be ready to compromise: As hard as this tip is in practise, it is important to enter negotiations with an open mind. In many cases, compromise will leave parties in a more favourable financial position than if you fought it out in court because of the money you save on legal fees.
- Avoid court at all costs: Many people mistakenly believe that if they go to court, the judge will make costs orders in their favour and they will recoup all their legal expenses. This is not true. In fact, judges are less likely to make costs orders than make them. Approaching a property settlement with this mindset will most likely leave you with hefty legal fees which you must pay out of your settlement, reducing it even further.
Following these five simple tips will help you minimise your legal costs in a family law property settlement matter.
To find out more about property settlements call Frank Legal at 9688 6023 or click the button below.
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What is a Family Law Property Settlement?
This article is provided to the reader for general information. It is not legal advice.
