What is family settlement agreement?
In a nutshell, a family settlement is an agreement where family members mutually work out how a property should get distributed among themselves. A family settlement is usually used to settle common property or joint property that the family owns as opposed to individual or self-acquired property.
What is a divorce property settlement?
A property settlement is the formal division of property following a couple separating. You must wait 12 months from the date of separation before you can apply for a divorce. You can formalise your property settlement without applying for a divorce.
How is everything split in a divorce?
Belongings are not limited to the house, car, bank accounts and businesses (assets) but also includes the mortgage, line of credit and all other debts. Or more simply, the couple shares equally in both the successes (assets) and costs (liabilities) of the marriage (unless there is excluded property).