We know divorce is never easy. It can be a stressful time mainly when it comes to Property settlement in a divorce. In Australia property settlement helps both partners reach a fair deal about who gets what after a separation. If you are going via divorce learning property settlement is a must to protect the financial future. Forte Family Law is always there to help you out.
It is always best to get legal advice from an expert. A divorce settlement lawyer can help one know their rights and ensure one get a fair outcome. Lawyers can also help in arranging settlements and avoiding court disputes.
Property Settlement
Property settlement is the method of dividing all assets, debts and financial aids among separating partners.
- Real Estate and Homes
- Savings and Bank accounts
- Superannuation like retirement funds
- Investments and Businesses
- Personal belongings and Vehicle
- Liabilities and Debts
Every case is unique and there is no fixed formula for how one divides the property. The aim is to reach a fair agreement that considers each contribution and future needs of each partner.
Steps in Property Settlement
Look for Assets and Debts
Both partners must list everything they own and owe. This consists of personal assets and shared property.
Assessing Contributions
The court considers financial and non financial contributions. Financial contributions like income, savings and property brought into the marriage. Non financial contributions have home duties, childcare and support give to the other partner.
Considering Future Needs
The court looks at factors such as age, health, income and duties for children to decide if one partner needs financial support.
Reaching a Fair Agreement
A fair settlement is one that views all future needs and contributions. If both partners agree they can formalize their settlement via court order or legally binding agreement.
Common Myths About Property Settlement
- It is not always the case that everything is split 50/50. The court looks at various factors to decide what is fair, not an equal split.
- The property of any partner is under the settlement.
- For a settlement an official divorce is not a must. In fact, it is better to start the process soon after separation.
Time Limits for Property Settlement
There are deadlines for settling property matters.
- Married couples must apply within 12 months of their divorce.
- De facto couples must apply within 2 years of separation
What Property you can divide?
Many people think that only things held together are in a property settlement but it is not not. Property bought before, during or after the relationship Also things owned alone or together. Besides this property in a trust or by someone else if one partner controls it
Superannuation is also counted as property.
Conclusion
Property settlement is as must part of divorce. Learning the process, getting legal advice and making a fair deal can make things easier and less stressful. If you need help Forte Family Law has expert lawyers who can guide you and get the best result for you.
