Property settlement is often the first issue to face separating couples. Both parties need funds to reestablish themselves and Legal advice can help you stay in control and avoid an outcome which is unjust or inequitable.
[row]How does the Court determine a Property Settlement?
There is no presumption in Australian law of an equal division in a property settlement. Every case is different.
• First, it is necessary to begin by identifying each person’s existing interests in the property and whether it is just and equitable to make a property settlement order. The Family Court considers what assets, liabilities and superannuation exist and what they are worth.
• Then, the Court must weigh the financial and non-financial contributions made by each person. The Court will consider the contribution to the welfare of the family as homemaker or parent. One type of contribution is not more important or significant than another.
• Next, the Court must determine whether any adjustment should be made for factors including age, health, earning capacity, financial resources and care of children of the relationship.
• Ultimately the Court must be satisfied the property settlement is fair and just. The same principles apply for a settlement reached with our without a Trial.
Before you agree to an arrangement for property settlement it is important to ensure you receive proper advice. A property settlement is a once and for all adjustment. Unless exceptional circumstances apply, the arrangements cannot be changed.
We can help you with the questions that often arise including:
• What is my entitlement to a property settlement?
• Will I be able to keep my home?
• Who will be responsible for meeting the mortgage?
• How will I run my business?
• What adjustment is made for the assets I brought to the relationship?
• What will happen to my superannuation?
Contact us for more information. We would be happy to provide you with preliminary advice on your entitlements.[span6] Speak with one of our highly experienced male or female Family Lawyers | Ph. (07) 3837 3600 or leave your details below and we’ll be in touch