Property Settlement

Property settlement agreements can cover all assets, liabilities and financial resources held by each party, including: - Residential and commercial properties, including furniture - Businesses - Trust structures including family trusts - Mortgages - Personal loans and motor vehicle loans - Overdrafts - Business and taxation debts - Bank accounts - Share portfolios - Lines of credit - Superannuation interests including self-managed super funds - Life insurance policies - Jewellery, including wedding and engagement rings and family heirlooms

You do not have to be married to apply for a property settlement. Under the Family Law Act, de facto couples have the same rights as married couples regarding separation, child maintenance and the distribution of property. If you want to know more about your rights to property after separation please contact us.

Each case is unique and the court will decide who gets what based on the individual facts of the case. You are entitled to your fair share of property, however there is no fixed percentage of property allocation in Australia. The court will consider a variety of factors relevant to your situation that results in an equitable result for both parties. The court will consider the value of assets and the contribution of each party to the relationship since it began, as well as the future needs of the parties based on their age, health and ability to generate income.

Once you reach an agreement on how to divide your property after a separation or divorce, the next step is to place the terms of agreement into a legally binding contract. Once the agreement is signed, all property allocated according to the agreement is considered separately owned by the individual parties.

It is difficult to determine the exact cost of a property settlement as each case is different. Costs depend on how willing both parties are to settle, how complex the individual case is as well as any unexpected factors that may arise. Legal fees for a property settlement may cost several thousand dollars so it is important you use a family lawyer who is an expert in property settlement and can quickly get you the best outcome.

In order to protect your property during a property settlement, you should keep track of all your individual assets and debts until all financial arrangements are finalised. You can also obtain a court order to ensure your partner can’t sell your property or spend your money if you think that might be a risk.

If you cannot come to an agreement, you should commence a court proceeding to determine the split of property. The court will consider a variety of factors relevant to your situation that will result in a fair outcome for both parties.

A married couple has 12 months from the date their divorce is finalised, and a de facto couple has two years from the date of separation to apply for a property settlement. In rare, exceptional circumstances, the court may grant an extension on the time limit. It is suggested for individuals to apply for a property settlement sooner earlier rather than later, particularly if certain property gains value over time.

Superannuation, under the Family Law Act, is considered property. It can therefore be divided between couples undergoing a property settlement, however splitting superannuation does not equate to a cash asset.

Future inheritance is considered in some cases if the individual providing the inheritance (the benefactor) either lived with or was cared for by both parties of the relationship, then inheritance is likely to be considered part of the property pool in a property settlement.