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Property Settlememt

If you are going through a separation or divorce, you will need to negotiate with your ex-partner or spouse to divide your property fairly. 

This will be a turbulent time and it is a good idea to engage an experienced family lawyer to ensure that you get your fair share.

What is Property In Family Law?

In Family Law, "property" refers to a wide range of assets that are that are considered to be the property of both partners. Assets that is considered during a property settlement include family home

  • Jointly owned assets.
  • Savings and investment accounts.
  • Cars.
  • Superannuation.
  • Shares.
  • Business interests.
  • Family trusts and other trust interests.
  • Investment properties.
  • Debts.

How is Property Divided?

Contrary to popular belief, there is no 50/50 split rule in a property settlement case. Every case is reviewed independently to discover the full range of assets and liabilities owned by the couple.

The Family Court of Australia, the Federal Circuit Court of Australia or a Local Court, will decide on a fair and equitable division of the property whilst taking into account the contributions made by each person during the relationship. The contributions that are considered can be of a financial or non-financial nature and the court will also take into account the future needs of each partner.

Once a fair and equitable division of property has been determined, the court will draft a consent order or binding financial agreement to solidify the agreement. Before both parties can enter into the agreement, they must both seek separate legal counsel on the ramifications of entering such an agreement.

 

Do I Need A Lawyer?

You and your ex-partner should definitely get the ball rolling by having a civil discussion about your property settlement (if you can).

Ensure that you do seek legal advice from an experienced family lawyer before accepting a settlement offer or making an offer. Once your agreement is formalised, it cannot be modified so it is critical that you seek legal advice and have everything done fairly and correctly in the first instance.

Why Use A Family Lawyer?

Family Law is complex and it is always a good idea to seek advice from a family lawyer about your entitlements and have general information about the process explained to you in simple English. A lawyer will also assist you by coming up with an action plan and strategy to resolve a property settlement.

Your lawyer will also be able to advise you on common property settlement mistakes to avoid and assistance with negotiation. Should the worst happen and your matter is settled in court, an experienced family lawyer will ensure that you get a fair and appropriate outcome.

 

Further information or assistance

Contact our Family Lawyer for further information about property settlements by calling (07) 5575 2844.