Property Settlement Lawyers

Understanding what contributes to a ‘just and equitable’ property settlement can help you move forward with financial security.

Length of the relationship

The duration of your relationship significantly impacts the division of assets. Generally, the longer you were together (especially marriages of long duration), the closer the split might be to 50/50. This reflects the idea that both partners likely contributed financially and non-financially throughout the relationship. This assumption does not apply in every case, and you should obtain individual advice about your entitlements if you have been in a long relationship.

Financial contributions

Each person’s financial contributions during the relationship are carefully examined. This includes:

• Income: Both individual financial resources and any combined income generated during the relationship are considered.
• Inheritances or other lump sums: Money or assets inherited or received by either party during the relationship, and the time these were received, will be factored into a property settlement. This includes inheritances, redundancies, compensation payments, and even lottery wins.
• Significant assets brought into the relationship: If one partner came into the relationship with a substantial asset (like a house or investment portfolio), it might be treated differently from jointly acquired assets.

Non-Financial Contributions

The Court also considers the parties’ non-financial contributions during and after the relationship. This includes:

• Parenting Contributions
• Homemaking contributions (i.e. cooking, cleaning, maintenance, etc)
• Other Non-Financial contributions (e.g. managing a rental property, renovation work, etc).

Future needs

The court doesn’t just focus on the present financial situation. They consider your individual financial circumstances moving forward, including:

• Age: A younger partner with greater earning potential might receive a slightly smaller share of assets to account for their future earning capacity.
• Earning capacity: Your ability to earn a living post-separation is a key factor.
• Dependants: If you have children or other dependents relying on you financially, the settlement will consider your ability to support them.
• Health: If one person has poor health that will or has impacted their ability to work in the future, this will be factored into any future needs consideration.

While courts can ultimately decide on property division, reaching an agreement outside of court offers several advantages:

• Faster resolution: Court proceedings can be lengthy and slow down the process of moving forward with your life.
• Reduced costs: Legal fees associated with court battles can be significant. Negotiating or mediating an agreement is generally more cost-effective.
• Less stress: The adversarial nature of court can be emotionally draining. Reaching an agreement directly with your former partner can be less stressful for everyone involved.

Here are possible methods for reaching an agreement outside of court:

• Negotiation: This involves direct communication with your former partner, often facilitated by your respective lawyers. Lawyers can present each person’s case and negotiate a settlement that addresses both parties’ needs.
• Mediation: A neutral third party, called a mediator, guides the discussion between you and your former partner. The mediator helps facilitate open communication and explore options for reaching a mutually agreeable solution.
• Financial Agreement (FA): An FA is a legal contract created before, during, or after separation that formalises how you and your partner will divide your finances. It’s important to seek legal advice to ensure the FA is fair and reflects your individual circumstances.
• Consent Orders: These are orders that are negotiated between the parties and filed in the Federal Circuit Court and Family Court together with an application.  Providing the court is satisfied the orders are appropriate, just, and equitable, a registrar of the court will make the consent orders without the parties’ attendance at court.

While reaching an agreement outside of court is preferred, it’s important to have legal representation throughout the property settlement process. A lawyer can:

• Advise you on your rights and options.
• Protect your interests and ensure a fair outcome.
• Guide you through the negotiation or mediation process.
• Represent you in court if necessary.
• Assist you to properly formalise any agreement reached.

While court may be a last resort, having a lawyer by your side provides peace of mind and ensures you are ready for any situation. If an agreement can’t be reached, we’ll represent you in court, handling all legal aspects and paperwork while advocating for your fair share of assets.

Going through a separation and property settlement can be challenging. However, by understanding the process, and your rights, and seeking professional guidance, you can navigate this situation with confidence. Here’s how we can help:

• Dividing assets and debts fairly: We’ll ensure a fair split of your house, car, bank accounts, superannuation (if necessary), and any shared debts (loans, credit cards) considering each person’s contributions.
• Reaching an agreement outside of court: We’ll help you negotiate or mediate a settlement with your former partner, saving time, money, and stress.
• Representing you in court, if necessary: While we prefer amicable solutions, our experienced property settlement lawyers will fight for your fair share of assets in court if needed.
• Providing guidance on spousal maintenance (if applicable): Spousal maintenance (alimony), is financial assistance one partner may pay to the other after separation. We’ll help you understand if you’re eligible and what factors determine the amount and duration.
• Dealing with the complexities of superannuation splitting: Superannuation can be a significant asset, and dividing it can be complex. We can explain the process, including:
  • Identifying your super entitlements.
  • Completing the necessary paperwork with your super funds.
  • Ensuring a fair split based on your contributions during the relationship.

We know every situation is unique. If you’re facing separation, contact Vocare today for a free initial confidential consultation.

Our experienced team can answer your questions, address your concerns, and guide you through the property settlement process to achieve a fair and secure financial future.