One of the most common aspects of divorce that a divorce lawyer will be asked advice on is the property settlement. Some of the reasons it plays such a large part in a divorce are understandable, and some of the reasons, not so much.
Obviously, both parties to the divorce want to ensure that they are both treated fairly with regard to finances, especially if there are children to be provided for. The other reason is that if a financial settlement can be agreed between the couple with the help of legal advice from their lawyers, the need to go to court, and thus incur additional fees, is negated.
This kind of agreement is called an informal agreement and whilst they can be created without the need for lawyers, the strong advice is that a lawyer’s advice is sought, if no other reason to ensure that what you are agreeing to is fair.
The other reason you should still seek legal advice is that informal agreements cannot be enforced by a court, so you want the agreement to be as robust and equitable as possible.
The next step up from an informal agreement is a financial agreement, which is agreed between the couple, again with the help of their lawyers. This time though, the agreements presented to the court for approval. The court will assess it to make sure it is fair, before approving it.
With court approval, a financial agreement now becomes legally binding and therefore a far more formal and enforceable settlement. These are especially needed when aspects of the settlement include support payments for children or an ex-spouse, where they might want the reassurance that the payments are protected by legal means.