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Property Settlement- Family Law

Family Law Act

Property  Settlement Family Law

Property settlement family law matters is what we specialise in and can assist our clients.  When people separate and divorce, and have jointly accumulated assets then these assets need to be divided. This is not always an easy exercise.

Sometimes, property  settlement family law matters  can be very complicated, especially where there are many properties, or assets are held in company or trust structures or where money has been gifted or loaned to one of the spouses or partners.

It is understandable if you feel upset or concerned that you will not get a fair deal or your ex will take a property that was brought into the relationship by you. It is at this time that you must consult a family lawyer and get the best advice for you. At Cominos Family Lawyers we have experience in all property matters ranging from the family home, to property held overseas, to trusts and self-managed superannuation funds.

Under the Family Law Act , when dealing with property settlement family law,  there is  a general step by step approach that can be used to work out what you are entitled to.

A. Identify the assets and financial resources of the marriage or relationship. This means that all property, which includes real property and personal property be identified and valued. Property also includes superannuation, shares and any other financial resources that are available to you.

B. Requires both parties consider their contributions to the purchase and preservation of their assets. Contributions include assets brought into the marriage or relationship. It also includes contributions directly to the assets by income earnt. If a partner was a home maker or stay at home parent, then of course this contribution will be considered as well.

C. Here we turn our attention to what each party will need in terms of financial support or security in the future because of a range of factors such as the age of the parties, whether someone has the care and control of a child of the relationship under the age of 18 years and whether the parties have the capacity to work and support themselves.

D. This is the final step of the property settlement process and requires an approach where the idea of whether the property settlement is one that is just and equitable.

“My wife and I separated in 2012 and at that time we did not use any lawyers and I thought we had come to a property agreement, so our assets were distributed according to this agreement. A year later my ex changed her mind and said that she did not agree and that I owed her more money. I had heard that Pamela was a tough negotiator and strong advocate and I wanted someone like this to represent me, I was certainly not disappointed.”
John – Sylvania

Frequently asked questions?

I’m divorced, when do I settle my property and financial matters?
Once divorced you have 12 months in which to settle your property and financial matters by agreement, if you cannot agree with your ex-spouse, then you must file an application at Court to assist you within the 12 month time frame.

I don’t know what my Ex has, how do I find out?
In the first instance you ask your ex-partner to tell you what assets they own. All parties going through property settlements have a duty to each other to be honest and transparent with their assets and financial position.

What happens if after I settle I find out that my ex has more property than I was told about?
If you made a decision based on fraud or omission of relevant information then you can make an Application at the Court to set aside the property Orders. If you are in this situation, specific advice is required for your individual matter, so please contact us to discuss further.

I want to keep the family home, can I do that?
Yes, provided that you can afford to keep the house and pay out your ex-partner.

I received an inheritance after we separated, will it be included in the property settlement?
All property, irrespective of when it was acquired will be considered. As to whether the inherited property forms part of the property pool of which will be divided, contact Cominos Family Lawyers for specific advice.

If   you need help with your property settlement family law matters please call us.

Cominos Family Lawyers. Call 02 8999 1800 or email us here.