Family law property settlement refers to the process of dividing assets in divorce or separation. This process involves determining your asset pool and the asset split in divorce. Assets and liabilities are collated to create the asset pool, and the asset split in divorce or separation is dependent on negotiations between you and your ex-partner.
When dividing assets in divorce or separation, certain considerations are made, such as each party’s contributions and their future needs. It is important that each party engages property settlement lawyers to ensure the outcome is fair and just.
Property Settlement
Following separation and divorce, family law property settlement can be complicated and complex. It is useful to know where you stand so you can begin the process of asset split in divorce and separation with your former partner. Family Law and property settlement can be a long, drawn-out process if it is not completed with care and consideration. So, it is best to seek the advice of property settlement lawyers when dividing assets in divorce.
At Le Brun & Associates, we are committed to offering you support, advice and representation when you need it. We understand that every situation and relationship is unique, so we are available to offer you personalised advice when it comes to divorce and splitting assets.
Contact us today for advice on dividing assets in divorce or separation.
Understanding Property Settlement in Divorce
Family law ‘Property settlement’ is the process of asset split in divorce or separation. The legal term for your assets and liabilities are referred to as your ‘asset pool’. Both parties will have to determine and work out what the asset pool is in order to decide how to divide it.
Property refers to all the assets – including real estate, cars and other vehicles, shares and superannuation. This can also include personal items like jewellery, furniture and tools, or even companies or trusts.
‘Liabilities’ is the legal term for any debts owing, including personal loans, home loans and credit loans. Trusted property settlement lawyers will help you understand your assets and liabilities when it comes to asset split in divorce. It is crucial to have a lawyer that can outline your asset pool thoroughly to make sure there is nothing left to disclose when it is too late
It is crucial that both parties receive proper, thorough, and unbiased legal advice regarding dividing assets in divorce. Even if you have split assets and agreed on property settlement, a knowledgeable lawyer should review the details of your contract prior to a consent order or financial agreement.
During asset split in divorce, a Family Law expert will be able to interpret the 1975 Family Law Act as it applies to your situation and be aware of all the circumstances and precedents that are set so you stay informed at each and every step. Asset split in divorce can be complicated terrain to navigate but your legal team should be committed to understanding and advising you so that you know where you stand.
How Dividing Assets in Divorce Will Work
After separation and divorce, our team of property settlement lawyers can guide you through negotiations and the division of your assets. Property division can be done during separation or following a divorce. However, there is a time limit for asset split in divorce that your lawyer will make known to you. Following separation, parties will have 2 years for property settlement. After a divorce order is granted, parties will only have 12 months to divide their property.
Steps to Follow in Dividing Assets in Divorce
The following steps are outlined in the Family Law Act 1975 (Cth). There is no one way that dividing assets in divorce occurs. It is important to seek sound and trusted legal advice. Even if you and your former partner have a plan for asset split in divorce without going to court, you should seek legal advice in relation to your own circumstances.
- Identify the Properties
The ‘properties’ involve both assets and liabilities in relation to family law property settlement in divorce and separation. - Check the Contributions
The contributions of each party will be considered during divorce and separation property settlement. This can include both financial and non-financial contributions, including gifts from family and friends, taking care of your children or work completed to improve the home. - Assessing Future Needs of Each Party
The third step of divorce and splitting assets is assessing future needs. Future needs compare the needs of each party following from separation and divorce. Based on the above steps, there will be an adjustment made for each party. The ‘future needs’ will be assessed on a range of factors, including earning capacity, any health issues and the responsibility of children. One party may have living arrangements and may require a certain standard of finances following from asset split in divorce. - Consideration about a Fair Settlement
The Family Law Court will determine if their decision for asset split in divorce will be equitable and reasonable to both parties. The Family Law courts require parties applying for family law property settlement to make a genuine effort to resolve this matter. Going to court is not only costly, but a time-consuming process. Therefore, separated couples are encouraged to work out their asset split in divorce prior to going to court.
Contact Our Property Settlement Lawyers Today
At Le Brun & Associates, our committed team of Family Law experts are specialists in property settlement. Using a tailored and personalised approach, they are committed to supporting you and are ready to help with your situation.
Our team will work alongside yourself to achieve an equitable outcome and outline your options for divorce and splitting assets. We understand how timely property settlement can be, so we are dedicated to offering you prompt and efficient advice to help you choose the correct decision for you.
Speak to us today at a free 30-minute, no obligation consultation. At Le Brun & Associates, you can rely on us as we always stand by you.
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FAQ
Settlement of property in divorce and separation refers to the arrangement made between parties to divide assets, liabilities, and financial resources upon separation. Settlement of property can be made with or without the involvement of the court. Even if you and your partner plan to settle property without the court, you should seek professional advice from property settlement lawyers. This ensures that all agreements are enforceable and legally binding.
Family law property settlement in the context of divorce and separation refers to the arrangement made between parties to divide assets, liabilities, and financial resources upon separation. Settlement of property can be made with or without the involvement of the court. Even if you and your partner plan to settle property without the court, you should seek professional advice from property settlement lawyers. This ensures that all agreements are enforceable and legally binding.
The term ‘property’ is inclusive of your family home and other real estate but also includes any bank accounts, cars and other vehicles, investment, or superannuation. ‘Property’ in this context also can include jewellery and tools. In some cases, this can also include the value of a business. It is important that all relevant property is included when dividing assets in divorce.
Dividing assets in divorce can be a lengthy and complicated process, so it is important to seek the advice of property settlement lawyers. A team of Family Law experts can help you understand what should and should not be included in a property settlement agreement.
No one sets out to deal with property settlement and divorce, and it is a stressful and sometimes confusing life change. Property settlement lawyers can help guide you through the technicalities of family law property settlement, alleviating some of your burden.