Property Settlements
A property settlement is where you and your partner finalise your financial matters during separation in preparation for divorce proceedings. Property Settlements include both your assets and property and can be done at any point after separation. It applies to both de facto and married couples.
Once a divorce is granted (for married couples) both parties have 12 months to commence proceedings for a property settlement.
How will our assets be divided?
There are a number of factors considered when splitting assets in divorce. This includes consideration of physical and financial assets as well as liabilities.What this means is the division of assets has more to do with the contributions and needs of each person, rather than who’s name is attached to the asset.
Determining the most just and equitable split of assets is calculated under the Family Law Act using a four-step process, that includes;
What options do we have when arranging the asset split?
There are four options a couple have when splitting their assets after divorce. The options to consider are:
You can apply for property orders before your divorce is finalised and up to 12 months after. If you do not have property orders within 12 months of separation, you may not be able to make a claim.
The division of assets can be challenging.
Therefore it is important to get independent and unbiased legal advice. They will be able to simplify the process, ensure all assets and liabilities are accounted for, understand the needs and rights of each individual party and help you receive what you are entitled to whilst keeping in mind what’s best for the children involved .
Call us today and we can guide you every step of the way.