Are you or your partner thinking of separating? Can’t agree on property settlement or not sure how your property would be divided legally?
Whether you go to Court or not, whether you are married or in a de facto relationship, there are four main steps that are followed.
- Net Assets and Liabilities
- A list is made of all assets and liabilities. It does not matter whose name property is in, everything will be taken into consideration. At this stage it does not matter who may have had ownership prior to the relationship. Superannuation is included and inheritance may also be considered. Note well that if the matter does come before the Court, the value of any item will be taken as of that date, not the date of separation or any prior date.
- Contributions Made by Each Party
- The Court will consider who made what contributions. These may take the form of financial or non-financial contributions such as caring for children, running the household or renovations to the home. Contributions made by extended family members may also be considered.
- Future Needs of Both Parties
- The Court will consider a range of factors such as your age and state of health;
- who has the primary care of children under the age of 18 years;
- a reasonable standard of living;
- the income and financial resources of each party;
- the physical and mental capacity of each party to gain or maintain appropriate employment;
- the duration of the relationship and how it may have impacted on the earning capacity of either party;
- the need to protect a parent wishing to remain in that role; and
- any other factors the Court considers should be taken into account and which may lead to a further percentage adjustment.
- Is the Division ‘Just and Equitable’?
- The Court will make a final determination as to whether the division is just and equitable. Other factors may be considered and percentage adjustments made.
Whether you and your ex-partner are close to agreement and would just like some assistance on the finer points, or whether you feel you might have a fight on your hands, we have many years experience in Property Settlements and are here to help.
Legal advice will help relieve your stress at what can be a very emotional and traumatic time in your life. We would work on your behalf to achieve what is legally yours and have it agreed upon in a legally binding agreement. This is important, as you do not want any unknown legal or financial obligations to follow you after the separation.
We offer fixed fees for all stages of the process and are open and transparent with the work we will perform on your behalf. Please contact us for a free 30-minute consultation.