Family Law

Property Settlement Lawyers

At Rockwell Bates

The issues raised by separation and divorce can be lifelong – particularly those relating to finance and property. A Court can make orders relating to capital assets, which involve their transfer or sale including business interests, share portfolios, properties, which cannot usually be revisited in the future. As such the decisions you reach during these negotiations will have a material and lasting impact on you and your family. Whatever method you choose to resolve your financial and property issues, the starting point of any discussion is always a full and frank financial disclosure by both parties to each other as well as lawyers.

This is usually done by each party completing a comprehensive form setting out what their respective assets, income, liabilities and needs are. Our lawyers can complete these with you using specialist software to make this process as straightforward as possible.

We bring in our experts from our Private Client team to help you cut through the commercial quagmire and financial spaghetti that often surrounds personal and business financial arrangements. You can trust in us to help you ensure you have all of the information at hand to make the best possible decisions on these issues.

Property Settlement Divorce in Australia - How Much Can You Receive?

If your marriage or de facto relationship has ended with a divorce or separation, you will need to organise a property settlement so that the net amount of your assets is divided between both parties. Can’t settle disagreements amicably with your partner? Get our lawyers to guide and settle any disputes for you. The amount you ultimately receive out of the property settlement will depend on your claim and how it’s calculated, as each case is complex according to it’s different circumstances. 

There is, however, a time limit to property settlements after a divorce or de facto relationship separation. If you were in a de facto relationship, you have 2 years from your separation to submit a claim. If you were married and then divorced, you have 12 months to complete a claim. There are exceptions to this but they can be claimed on a case by case basis.

The Property Settlement Process

The process to determine a property settlement amicably is best achieved with a lawyer. The property settlement process consists of 4 steps. Your divorce property settlement lawyers should go through the steps with you during your consultations to make sure you understand your rights. This is so that you can understand the time and effort involved in lodging a claim online or in court. Understanding the steps in detail can be confusing, which is why it’s best to get a lawyer to help you with your property settlement.

The 4 steps are outlined below:

Step 1: Identify the assets of both parties

The first discussions you should have with your property settlement lawyer is about your net worth. It’s important to establish the assets and liabilities of both parties sooner rather than later. Assets may include valuable properties, shares, cars, superannuation, houses, businesses or any amount in a trust that’s owned by either party. Liabilities include amounts owed on credit cards, mortgages, etc. Information within each bank account may also need to be disclosed in order to understand spending habits and determine whether either party has wasted money or spent it unnecessarily before and after the separation. This first step with your lawyers needs to be completed thoroughly to ensure that there is nothing left to disclose when it’s too late.

Step 2: Establish contributions made from both parties

Each party will be assessed on their contributions made before and during the relationship as well as after their separation. The contributions aren’t purely financial as there are non-financial contributions that are weighed equally. They can include gifts that are received from family and friends, taking care of the family and/or children as the homemaker and physical work that’s performed to complete and improve the house.

Step 3: Adjustments made for future needs

It’s only after all assets and liabilities have been accounted for in the property settlement that appropriate ‘adjustments’ will be made to determine what each party needs for the future according to the Australian Law. The court will judge if and how each party can take care of themselves as well as their work life after the separation, specifically if they can still find and keep a job.

There are 15 probable factors that could be considered for each of the parties. Some of these factors can include:

  • Age 
  • Income
  • Health
  • Employment
  • Care for children
  • Superannuation
  • Property
  • Child support
  • Financial agreements

Step 4: Determine whether the final decision is equitable

The final step of the property settlement process is to determine whether the court’s decision is fair and equitable. The court will judge whether one party gets more than the other or if both leave with equal shares – though that is very rare. It’s important that both parties can learn from each other and leave with their equal share from the property settlement, otherwise it can leave one party feeling happy and the other party feeling jealous or angry at the final verdict, which can impact the children as they may feel that they are partly responsible for the separation. If there are objections to the final decision, mediation may be required. Lawyers can bring a mediator to act as a third party and ease any tension so that a decision can be agreed upon as soon as possible.

Let Our Lawyers Help You Get Your Property Settlement Sorted

Whether you were in a marriage or de facto relationship, let our lawyers at Rockwell Bates help you with your property settlement so you don’t have to worry about it after your separation. We have highly experienced lawyers and solicitors to assist you and your family with professional services. We understand that this may be a stressful time for you, which is why we will work tirelessly to provide you with the best possible solutions. Our lawyers have years of experience so you can trust in our expertise and quality service that’s provided.

Contact our team today so we can assist you.

FAQ

Most frequent questions and answers

I am item content. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

I am item content. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

I am item content. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

I am item content. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

I am item content. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

I am item content. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.