Property and Financial settelements
Get advice from an expert family lawyer
It is important that you receive the right advice about what division of property you should receive. There are a number of factors that are considered when determining family law property settlement. We ensure that our clients have explored every avenue to maximise their potential property settlement and use this information when negotiating to resolve their case. Point Cook Family Lawyers have extensive experience in drafting Binding Financial Agreements and Applications for Consent Orders to ensure that our client’s property settlements are formalised.
If you are thinking about separation, it can help to get the right advice early on. It is always a good idea to speak with a lawyer before separation so that you can understand what to expect during the process and make informed decisions about your children and assets. As well as providing legal advice about your rights and obligations, our lawyers at Point Cook Family Lawyers can also refer you to separation counselling or mediation services for further emotional support during separation. Our family lawyers can quickly arrange a conference (either by telephone, zoom or face to face) to begin discussing the steps that you need to take to resolve the issues regarding parenting arrangements.
FAMILY LAW ADVICE
You deserve to know your legal rights and responsibilities. We will guide you through the process every step of way, ensuring that not only are all potential outcomes discussed but also advice where it is relevant for your unique circumstances. You can rely on our expert family lawyers at Point Cook Family Lawyers for a wide range of legal services. We offer sound advice and practical solutions tailored to your needs, whether you’re dealing with simple or more complex cases. We have experience in all family law matters and have helped many clients resolve their matters.
To get help resolving your matter, call us on 8391 8411 or complete our contact form for an obligation free discussion.
WHAT YOU SHOULD KNOW
INFORMATION ABOUT PROPERTY AND FINANCIAL SETTLEMENTS
What needs to be done to commence a property settlement?
In the Family Court of Australia, parties intending to apply for financial orders must first attend dispute resolution before filing an application. The application can then be filed any time after separation but should be filed within 12 months of a divorce.
Can a property settlement be started before divorce?
Yes. During the period of separation, you may complete the property settlement before getting a divorce. You will need to sort out how to divide your assets and debts. This can be done via an agreement between yourself and your former spouse and will require that each party provide disclosure of their financial circumstances, as well as having any significant assets valued (such as a business).
If you agree on arrangements, you can seek to formalise your arrangements by contacting our firm at Point Cook Family Lawyers to draft your Consent Orders. If you cannot reach an agreement, you can engage our lawyers at Point Cook Family Lawyers to apply to the Court for Financial Orders.
How are the assets divided into a family law settlement?
Despite popular opinion, there is no presumption that property should be divided 50/50. The Family Law Act 1975 sets out factors that must be taken into account when a judge is deciding on how property is to be divided. The Court will consider whether it is ‘just and equitable’ to make an order for an adjustment of property.
In dividing the assets of the marriage, the Court will consider:
- The respective contributions made by both parties – determining assets and liabilities;
- Direct financial contributions by each party to the marriage or de facto relationship;
- Indirect financial contributions by each party such as gifts and inheritances;
- Non-financial contributions to the marriage or de facto relationship such as homemaking; and
- Future needs – the Court will take into account further matters like age, health, financial position, care of children, and ability to earn.
What is the time limit for property settlement?
You may organise your family law property settlement as soon as you want after separation. A minimum period does not apply. However, due to the emotional aspect of the matter, you may choose to allow a short period of time to elapse before properly considering property division. However, a maximum time limit does apply. An application to the Court for property settlement must be filed within 1 year of a Divorce becoming “absolute” for married couples or 2 years of separation for de facto couples (as per the Family Law Act). These time limits apply across all States and Territories throughout Australia.