Do you have an entitlement to a property settlement?
Property or financial settlements involve the division of assets and liabilities after a separation. A financial relationship exists whether you have been married or in a de facto relationship and this relationship will continue to exist until an order is made by the Family Court.
Property includes all your assets and liabilities whether they are in your name only, in joint names, or in the name of a company or a trust.
You will have an entitlement to a property settlement if you have been married or in a de facto relationship, however, there is no presumption in law that the property should be split equally between the parties. Remember, there are strict timeframes for making an application for property settlement:
- For married couples – within 12 months after a divorce.
- For de facto couples – within 2 years after separation.
Do you want to know how property is divided after separation?
There is no simple formula for determining how property should be split after separation as it depends on the circumstances in each case. However, the Court must make a determination that is just and equitable in all the circumstances.
Our Family Law team can provide you with expert advice on the matters that could be taken into account by the Court when determining your entitlements. These may include:
- The length of the relationship or marriage;
- Each party’s financial and non-financial contributions;
- Parenting and home making contributions; and
- Your future needs.
Your property settlement must be documented and legally binding. Our Family Law team can help you do this by preparing consent orders, a binding financial agreement or, if necessary, by making an application to the Family Court.
Will you need specialist tax or financial advice?
Family law property settlements can have long-term financial and taxation consequences. We recommend that you obtain specialist advice in certain circumstances, particularly if your matter is complex and includes corporate entities such as companies and trusts.
HHG Legal Group’s team works with other lawyers at HHG Legal Group and with other professionals (such as accountants and financial planners) to provide a full legal service to ensure that our client’s needs are met in terms of inter-related commercial, corporate, tax and property law issues.