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Property Settlement
After separation, arrangements will need to be made about how the assets (property), including superannuation, is to be divided and who will be responsible for any debts. This is what is usually referred to as a "property settlement".
Where possible, it is best if you can reach a negotiated agreement regarding your property settlement. There are various processes such as family law mediation and collaborative law that are available to help you.
Reaching a negotiated settlement with your partner has many advantages. It allows you to:
- Make your own decisions, rather than have the court decide.
- Minimise the financial and emotional costs of legal proceedings.
- Reduce the impact on your relationship as parents.
- Move forward in a speedy manner.
Once agreement is reached, a properly drafted Financial Agreement or Consent Orders will ensure there are no future arguments about property.
Sometimes negotiation either doesn't work or, for some reason, is just not the best option. If you cannot reach a negotiated settlement you may consider going to court.
The role of the a family law court in deciding a property settlement is to divide property in a way that is just and equitable ie. fair. To do this a court will:
- Identify and value the couples assets and liabilities.
- Assess each person's contributions, to those assets both financially and non-financially and look at the contributions made to the welfare of the family in the role of homemaker or parent.
- Determine whether there is some other matter relevant to the parties' ongoing circumstances that needs to be taken into account.
In what proportions and how a court divides assets depends on the circumstances of each individual case.
If you would like to make an appointment so that we can give you an assessment of the likely division of your property, please call us on 1300 368 258 or click here
