It's an unfortunate fact of life that a large number of marriages end in failure. When this is the case, it can often be difficult to pick everything apart so that the parties can go their separate ways. Many problems arise during the division of assets, making it difficult for them to go on with their lives following the dissolution of the union. If you're facing this kind of challenge yourself, there are three ways to proceed, so what do you need to know about your options?

Reaching Amicable Agreement

By far the simplest solution would be to come to an amicable agreement between you with no outside involvement. In other words, you would agree about "who gets what" and be perfectly happy with your financial arrangements moving forward. As simple as this approach might be, it does not afford any level of protection should one party decide to make a claim against the other's estate due to changed circumstances or other reasons.

Crafting Binding Financial Agreements

If both parties want to formalise, they can consider binding financial agreements. To ensure these can be enforced, these agreements must be tackled in a certain way. There are rules laid down within the legal system, and one important caveat is that each party must get independent legal advice during negotiation. The parties are free to draw up the terms of the agreement between them, and they do not need to put this document in front of a court for it to be valid.

Dealing with Consent Orders

When the parties find it tough to reach any simple agreement, the court may need to step in by issuing consent orders. These orders are made by an officer of the family court, taking into account the needs and wishes of both parties and the available information. Once the consent orders are issued, they become legally binding and can be enforced by the court if there is any breach in the future. The aim will be to ensure that these orders are just and equitable and in line with the standards laid down in legislation.

Understanding the Challenges

All three approaches have advantages and disadvantages, and none of them could be considered "bulletproof." For example, the parties may want to agree that neither of them will seek access to the other's estate in the future, but in legal terms, this can only be enforced in a binding financial agreement. If you have consent orders instead, this may not be the case.

Taking on Legal Support

To make sure that you approach these matters correctly and avoid as many problems as you can, engage the services of a family lawyer.