Property Settlement - It’s What We Do
What is property settlement?
When you and your partner separate, whether you were married or de facto and whether or not you have children, you will need to sort out your financial affairs. For example, you and your ex-partner may have superannuation, own motor vehicles or even a house, and you may also have debts including a joint mortgage, credit cards, and personal loans.
Some assets may have been bought in one person's sole name, and it would be unfair for them to keep all of it.
Strict time limits apply to property settlement matters. It is important, that you talk to a lawyer as soon as possible so you are fully informed about your rights. If you don't, then you may end up losing an unfair percentage of the the wealth created during your relationship.
Do you even need a lawyer?
In many cases, people who are separating will sort out between them who keeps what. This can be with the help of their family, a qualified mediator (alternative dispute mediation) or just between themselves over the kitchen table with coffee.
Even if you and your ex-partner have agreed on what’s fair, you should still chat to a lawyer to make sure what you’ve agreed will completely resolve your property settlement matters. There are a lot of legal complexities to the Family Law Act and property settlement, which you and your ex-partner may not be fully aware of.
A family law can also help you and your ex-partner formalise the agreement, including drafting the necessary legal documents for you. If these documents are not done properly, it can end up costing you or your ex-partner several thousands of dollars in the long run.
What we can do for you
Whether you and your ex-partner are in agreement or if there’s no agreement, speaking to an experienced family lawyer about your property settlement is likely to save you $$$$ in the long run. Shorestone Legal can help you with:
An absolutely free, no-obligation telephone consult.
A fixed fee ($330) formal consult, to give you full and frank advice about your specific matter and any legal implications that you may not be aware of in relation to your separation. We don’t limit our appointments to just half an hour or just an hour. Your meeting will be with an experienced lawyer and will be for as long as you need.
If you and your ex-partner have agreed on what’s fair, we can help you draft all the necessary legal documents to finalise the settlement including liaising with your ex-partner.
If you are not agreed, we will act to protect you and your financial security and negotiate a property settlement on your behalf. This can include helping you arrange and, if necessary, representing you at a family law mediation.
If necessary, we will fight for your rights in the Family Court. We have extensive experience prosecuting family law matters including property settlements. We will do everything we can to get the right outcome for you.
Just quickly …
Do both partners have an automatic right to each other’s property?
The Family Law Act gives statutory powers to the court, to adjust the property rights of separating couples. Unless and until there is a change in ownership under the powers of the Act, property ownership follows the usual laws of ownership including title records (for real estate), registration details (for motor vehicles or company shares), or possession.
There is no such thing as “matrimonial property”, however some property can be jointly owned in law (for example the family home).
Because of this, it is important to get proper legal advice about adjusting property ownership when you separate.
Do we need to go to court?
No, you don’t. Sometimes no agreement is necessary depending on the type of relationship and how long you have been separated, but it is important to always get proper legal advice was soon as possible. You and your ex-partner can also finalise property settlement through a ‘Binding Financial Agreement’, which is a private, legally binding agreement that in most circumstances has the same force as court orders.
Most settlements, however, are formalised with an application for consent orders which can be drafted for you by your lawyer, and filed with the Family Court. Even if you and your ex-partner are agreed, a Registrar of the Family Court will consider your application and must be satisfied that the agreement you have reached is just and equitable for both parties. For this reason, it is best that you have a family lawyer help you with the application to avoid the application being refused by the court.
Where can I get more information?
We have published several articles about all areas of family law including property settlement, which you can find here.
Alternatively, contact us for a free telephone consult, or book a no-obligation meeting with an experienced family lawyer.
What about superannuation?
Each person’s superannuation is usually included in negotiations about what is a fair property settlement. Part VIIIB of the Family Law Act allows the court to transfer superannuation interests from one partner to the other, if it is just and equitable to do so. It is important that superannuation is taken into account when negotiating property settlements. Super can often be worth significantly more than what appears on an annual statement, and s it is important to get proper legal advice about superannuation and super splitting orders.
Can we keep lawyers out of it?
IFamily law is a complex area of law, and there can be many unintended consequences if you and your partner go it alone without any legal advice. Those consequences can include unforeseen tax implications, and expensive government charges for transferring property ownership.
There are also many horror stories where, many years after separation, an ex-partner’s financial circumstances dramatically worsen and the result has been expensive court proceedings. If you do not finalise your separation legally, you may end up having to pay a significant amount of your post-separation wealth including inheritances to your ex-partner.
How is a fair settlement worked out?
The Family Law Act sets out specific factors to be taken into consideration when determining how property should be divided between separating couples (and whether it should be divided at all). These factors include each person’s financial contributions during the relationship, each person’s non-financial contributions (including parenting and home-maker duties), and each person’s future needs.
While the court has a very wide discretion when determining what is just and equitable, an experienced family lawyer can give you guidance about an appropriate settlement based on previous cases (called ‘precedent’).
About Shorestone Legal
Shorestone Legal is based in Banyo, on Brisbane’s Northside. We practice in the areas of Family Law, Wills and Estates.
Our team of family law solicitors are experts in all areas of Family Law including separation and divorce, property division, financial settlements, parenting arrangements, and binding financial agreements.
We are experienced in last will and testament, and estate administration including application for probate, or contesting a will.
We achieve best outcomes for our clients with our knowledge, experience and understanding of each client’s unique situation.