Property Settlements in Australia
Property settlement is a critical aspect of separation that requires careful consideration and legal expertise. By understanding the process and key considerations, parties can navigate this challenging time with confidence. At Our Lawyers, we are committed to providing clear, practical advice to achieve fair and favourable outcomes for our clients. If you need assistance, contact us today to discuss your property settlement needs.
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Property Settlement: Considerations
Identifying and Valuing the Property Pool:
The first step in property settlement is determining the “property pool,” which includes all assets (real estate, vehicles, savings, superannuation) and liabilities (mortgages, loans, debts) of the parties.
Assessing Contributions:
The court considers both financial (e.g., income and property brought into the relationship) and non-financial contributions (e.g. renovations) and homemaker and parenting contributions made by each party. These contributions are critical in determining the share each party is entitled to.
Future Needs and Adjustments:
Considerations of factors like age, health, impact of family violence, need for housing of children, wastage of a party, income disparity, earning capacity and child-rearing responsibilities in adjusting property division.
Overview
In Australia, property settlement is governed by the Family Law Act 1975 (Cth). Under this legislation, the principles of justice and equity guide the division of property. The court follows a structured process, considering the property pool, contributions, future needs, and the overall fairness of the proposed settlement. The law applies equally to married and de facto couples (including same-sex couples) under the Federal Circuit and Family Court of Australia.
How We Can Help
At Our Lawyers, we provide personalised and professional legal support throughout the property settlement process for Family Law Property Settlements. Our team ensures that all assets and liabilities are accounted for and valued accurately, assists in negotiation and mediation, and represents your interests in court if required. With our expertise in family law, we aim to achieve fair and timely resolutions, allowing you to move forward confidently.
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Common Scenarios in Property Settlements
Married Couples Seeking a Clean Break: A common scenario involves married couples aiming for a clean break post-divorce. For example, a couple may own a family home, have joint bank accounts, and share superannuation. They may agree to sell the home and split the proceeds while allocating superannuation and other assets proportionately. In such cases, consent orders are often used to formalise the agreement.
Short De Facto Relationships with Disputed Contributions: In de facto relationships, especially those without children, disputes may arise as to the recognition of contributions by each party. Shorter relationships often required a more detailed analysis of the financial relationship of the parties. When agreements cannot be reached, the parties need to consider mediation and/or the assistance of the Court to assess contributions and future needs.
Legal Terms in Property Settlements
- Property Pool: The total assets and liabilities available for division in a property settlement.
- Consent Orders: Legal documents filed with the court to formalise an agreement between parties.
- Superannuation Splitting: Dividing superannuation entitlements between parties as part of the property settlement.
- Contributions: Financial and non-financial inputs made by each party during the relationship.
- Future Needs: Considerations of factors like age, health, and child-rearing responsibilities in adjusting property division.
FAQs on Property Settlements in Australia
How long do I have to apply for property settlement? For married couples, the application must be made within 12 months of the divorce being finalised. For de facto couples, the timeframe is two years from the date of separation.
Do I have to go to court for property settlement? Not necessarily. Many property settlements are resolved through negotiation, mediation, or arbitration without court intervention. Court involvement is typically a last resort.
What happens if we cannot agree on property division? If an agreement cannot be reached, either party may apply to the court for a decision. The court will assess the property pool, contributions, and future needs to determine a fair division.
Is superannuation included in the property settlement? Yes, superannuation is considered part of the property pool and can be split between parties, even though it may not be immediately accessible.
Can property settlement be revisited after it is finalised? In most cases, a finalised property settlement cannot be reopened. Exceptions include situations involving fraud and non-disclosure.
Our Family Lawyers Experience
Our Family Law team is committed to supporting clients through complex family matters with professionalism and care. We specialise in property settlements, child custody, divorce, spousal maintenance, and more.
With offices in the Southern Highlands, Macarthur Region and the Illawarra, we are a full service family law firm, and we are proud to assist families across Australia. Our experienced team is here to provide clear, practical advice and tailored solutions to achieve the best outcomes for you and your loved ones.
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Your Family Law Legal Team
Our award-winning law firm is celebrated for outstanding achievements in business and legal services. With numerous accolades, we are committed to delivering unparalleled expertise and client satisfaction.
Alana Jacquet
Accredited Specialist
Spear heading our family law team and partner of Our Lawyers, Alana is an nationally recognised award winning lawyer...
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Cayla Cruickshank
Solicitor
Cayla practises exclusively in family law and has developed experience in a broad
range of matters...
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Connie Marks
Solicitor
Connie Marks is a dedicated and compassionate solicitor with a strong foundation in Wills & Estates and Property...
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Grace Slater
Solicitor
Grace has worked in the legal industry for over 10 years. She completed a Bachelor of Laws and Bachelor of Arts...
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Disclaimer: Any information found in articles or pages on our website is for general guidance only and should not be considered legal advice. For advice tailored to your specific situation, please contact us directly to speak with one of our qualified legal professionals.
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