Division of Assets & Property Settlement
We are experienced in Family Law matters including the division of assets and property after the end of a relationship. Contact us for a free no obligation consultation.
At one stage or another, almost all of us fall in love or enter into a relationship that does not work out. However, disputes with our family members, spouses, either married or in long-term de facto relationships, do not have to end badly. Sometimes there can a mutually agreed parting of ways which can be formalised in a straightforward and amicable way. This is always preferable as Family Law litigation can be long, protracted and even turn nasty. With an experienced Family Lawyer skilled at negotiating a resolution and dealing with matters quickly and inexpensively there may not be a need to go to Court.
However, sometimes one party to a relationship can be stubborn and the only way to ensure there is a just outcome and your rights are protected is through litigation. Our Family Law Property Settlement Lawyers can assist with any divorce, division of marital property and assets no matter how difficult the case may seem. Our skilled family lawyers can negotiate a fair property settlement making adjustments for contributions and can assist to prepare your case in a cost-effective manner and, if necessary, argue it effectively before the Court.
It also helps to have sound legal advice early on in your divorce, separation and division of property or property settlement matter. The earlier you seek advice the better as you will understand what should be done and the process moving forward. You will feel prepared and given the best possible strategic advantage. Speak to one of our Family Lawyers for a free consultation.
In some cases, often a party can become bewildered about the difficulty in achieving a fair outcome because their ex-partner has gone to great lengths to hide assets or has engaged in ‘asset protection’ measures to keep you away from their assets. If, in the circumstances, it is fair and equitable, our experienced Family Lawyers can assist, no matter how complex, in bringing these matters to the Court’s attention. The usual process in assessing what a fair property settlement would be is as follows:
1. Firstly, you must work out the net assets of both parties. Not only will this include anything acquired by either party during the marriage (or de facto relationship), it can also include those assets acquired prior to the relationship, as well as after separation. Whilst this may be a simpler task in some matters, determining the net asset pool can prove complicated if there are various properties, loans, trusts and businesses involved.
2. Secondly, as assessment must be made of the contributions from both parties. Contributions can be both financial and non-financial. For example, a parent who looks after the two children of the relationship is an example of a non-financial contribution to the net asset pool, despite not being paid for their work. Another aspect to be considered is what is known as ‘initial contributions’. For example, the Court may decide to adjust the settlement in one party’s favour if they already owned a property prior to the relationship or paid for the entirety of the deposit for the matrimonial home.
3. Thirdly, an assessment must be made of the future needs of both parties and will take in various factors, some of which include: income earning capacity; health; age; assets; financial benefit from any new relationship; and the parenting responsibilities of each party moving into the future.
4. Lastly, consideration must be given to the real-world effect of the proposed settlement. Essentially, this involves reviewing steps 1 – 3 to ensure the division of assets is just and equitable under the circumstances of the case.
It is therefore essential that you seek sound legal advice from one of our Family Lawyers to ensure you get the best outcome possible.
The timeliness of seeking such advice is crucial because there are often tight deadlines for being able to file for property settlement orders. Therefore, after separation, get in touch with us for a free no obligation consultation to discuss your matter and what we can do to assist.
Disclaimer:
The information above is intended as general information only and should not be relied on. You should discuss your individual situation with a lawyer.
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