When you separate from your partner, it’s natural to want to keep things simple and avoid unnecessary expenses. You might have even reached what you believe is a fair agreement on how to divide your assets. However, without legal advice, you run the risk of either missing out on what you’re entitled to or unknowingly agreeing to an unfair settlement. So, is it worth skipping legal fees to save money? Let’s break it down.
Key Considerations:
- Fairness of the Settlement
If you and your ex-partner have agreed on a division of assets without legal advice, there are only two possibilities:- The agreement is fair and reasonable.
- One party has received more than they should have.
- Risk vs. Reward
Without legal advice, you might be forfeiting tens or even hundreds of thousands of dollars just to save a few thousand in legal fees. Why take that risk?
- The $100,000 Rule of Thumb
- If your asset pool is less than $100,000, legal fees may take up a significant portion of your assets. In such cases, hiring lawyers might not be worthwhile.
- If your asset pool is over $100,000, getting legal advice is crucial to ensure you receive what you’re entitled to.
- Cost of Legal Fees vs. Potential Loss
- Spending $3,000 to $4,000 in legal fees might feel like an unnecessary expense, but it could prevent you from losing $50,000 to $100,000 or more in assets.
- If you don’t have your property settlement finalised with a Binding Financial Agreement or Consent Orders you run the risk of having to give your ex more money at a later date.
- Alternative Options for Smaller Asset Pools
If your total assets are relatively low, there are Community Legal Services that can help ensure your settlement is properly handled without excessive costs.
While avoiding legal fees may seem like an easy way to cut costs after separation, it could lead to a much larger financial loss in the long run. If your asset pool is significant, seeking legal advice is a small investment to ensure fairness and protect your future. For those with limited assets, exploring Community Legal Services can provide guidance without the high costs.
If you’re navigating a property settlement after separation, consider your financial position carefully. Before making a final decision, consult a legal professional to ensure you’re receiving everything you’re entitled to. If you’re unsure where to start, research Community Legal Services in your area for affordable legal support.
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