When a marriage ends, through divorce or a partner dies, the estate has to be divided through a property settlement. A property settlement can also be drawn up during a marriage to establish a fair economic situation between the partners. In a property settlement, the assets that are not a partner’s individual assets are divided after all the debts have been deducted. Assets can be individual if they are stated in for example a prenuptial agreement, an agreement in a deed of gift or a will. Such assets are not included in the property settlement.
A settlement can also be drawn up when a cohabitation partnership ends or if either party requests it. In such cases, a settlement needs to be made within one year of the end of the cohabitation partnership. In a settlement between cohabiting partners, property and assets that have been acquired for joint use must be divided. However, assets that have been purchased separately by the parties are not included.
It can be easier to draw up a settlement if a good lawyer is appointed. Our firm has the experience and expertise to ease the process. If the parties are not in agreement, they can jointly (or separately) apply for a settlement adjuster at the district court. A settlement adjuster appointed by the court has the right to force a settlement if the parties cannot come to an agreement.
We who work with property settlement