A strong team of family lawyers
Intermingling of finances is natural in most de facto and marital relationships and can even occur in short-term relationships. No matter the nature of your relationship, call us today for a complimentary chat to explore your options.
Property settlement can be reached by agreement at any time after separation, however time limits do apply should you wish to apply to the Court for a property settlement order. For married couples, you have one year from the date that your divorce becomes effective. For de facto couples, you have two years from the date of final separation.
What is property settlement?
Property settlement is the process of dividing the assets and liabilities of the relationship in a just and equitable manner. Every family is unique and an equitable split of any assets will be dependant on a number of factors. Generally there are five steps involved in the property settlement process:
- 1. Determine the assets and liabilities of the parties?
- 2. Consider whether it is ‘just and equitable’ to make an adjustment?
- 3. Assess the contribution that each party made to the relationship?
- 4. Assess the future needs of the parties?
- 5. Is the result just and equitable?
How can we help?
We can provide advice to you regarding the above process, including:
- The value of the net asset pool (including completing any searches to locate or identify assets in your partner’s name);
- The value of the contributions made by both parties;
- The future needs of the family (including who will have care of any children); and
- Any other relevant factors; and
- Different options for structuring the division of the net asset pool between you and your ex-partner including whether there needs to be the sale of any assets, a cash payment to either of you or a split of superannuation.