Family Law Property Settlement

Property Settlement  

Following separation and divorce, property settlement can be complicated and complex. It is useful to know where you stand so you can begin the process of property settlement with your former partner. Family Law and property settlement can be a long, drawn-out process if it is not completed with care and consideration. So, it is best to seek the advice of divorce and separation lawyers when starting property settlement.  

At Le Brun & Associates, we are committed to offering you support, advice and representation when you need it. We understand that every situation and relationship is unique, so we are available to offer you personalised advice when it comes to divorce and splitting assets.  

 

Understanding Property  

‘Property settlement’ is the process that assets are split following separation or divorce. The legal term for your assets and liabilities are referred to by you ‘asset pool’. Both parties will have to determine and work out what the asset pool is in order to decide how to divide it. Property refers to all the assets – including real estate, cars and other vehicles, shares and superannuation. This can also include personal items like jewellery, furniture and tools, or even companies or trusts. ‘Liabilities’ is the legal term for any debts owing, including personal loans, home loans and credit loans. A trusted family law expert will help you understand your assets and liabilities when it comes to your property settlement. It is crucial to have a lawyer that can outline your asset pool thoroughly to make sure there is nothing left to disclose when it is too late.  

It is crucial that both parties receive proper, thorough and unbiased legal advice regarding dividing assets in divorce. Even if you have split assets and agreed on and agreed on property settlement, a knowledgeable lawyer should review the details of your contract prior to a consent order or financial agreement.  

During divorce and property settlement, a Family Law expert will be able to interpret the 1975 Family Law Act as it applies to your situation and will be aware of all the circumstances and precedents that are set so you stay informed at each and every step. Asset split in divorce can be complicated terrain to navigate but your legal team should be committed to understanding and advising you so that you know where you stand.  

 

How Property Division Will Work  

After separation and divorce, a knowledgeable law expert can guide you through negotiations and the division of your assets. Property division can be done during separation or following a divorce. However, there is a time limit for property division that your lawyer will help you be aware of. Following separation, parties will have 2 years for property settlement. After a divorce order is granted, parties will only have 12 months to divide their property.   

 

Steps to Follow in Property Division  

The following steps are outlined in the Family Law Act 1975 (Cth). There is no one way that property division occurs after a divorce or separation. It is important to seek sound and trusted legal advice. Even if you and your former partner have a plan to divide your property without going to court, you should seek legal advice in relation to your own circumstances.  

1. Identify the Properties
   The ‘properties’ involve both assets and liabilities in relation to property settlement in separation and divorce. 
2. Check the Contributions
   The contributions of each party will be considered during divorce and separation property settlement. This can include both financial and non-financial contributions, including gifts from family and friends, taking care of your children or work completed to improve the home. 
3. Assessing Future Needs of Each Party
   The third step of divorce and splitting assets is assessing future needs. Future needs compare the needs of each party following from separation and divorce. Based on the above steps, there will be an adjustment made for each party. The ‘future needs’ will be assessed on a range of factors, including earning capacity, any health issues and the responsibility of children. One party may have living arrangements and may require a certain standard of finances following from divorce and separation.  
4. Consideration about a Fair Settlement
   The Family Law Court will determine if their decision to divide assets will be equitable and reasonable to both parties. The Family Law courts require parties applying for property settlement to make a genuine effort to resolve this matter. Going to court is not only a costly, but time-consuming process. Therefore, separated couples are encouraged to work out their property settlement prior to going to court.
   
   

Contact Our Property Settlement Lawyers Today  

At Le Brun & Associates, our committed team of Family Law experts are specialists in property settlement. Using a tailored and personalised approach, they are committed to supporting you and are ready to help with your situation. Our team will work alongside yourself to achieve an equitable outcome and outline your options for divorce and splitting assets. We understand how timely property settlement can be, so we are dedicated to offering you prompt and efficient advice to help you choose the correct decision for you. Speak to us today at a free 30-minute, no obligation consultation. At Le Brun & Associates, you can rely on us as we always stand by you.