Property in Family Law MattersGeorgina Dalton
Is it ‘yours, mine, or ours?’—We help in property settlement with top family lawyers in Sydney.
When a family’s financial affair disentangle upon separation, the whole experience can be very unsettling, excruciating, and can leave you exhausted. Mostly when a long relationship is being dissolved, it questions the division of businesses, trust, and other complex financial structures. This is where you need the legal guidance of an expert family solicitor in Sydney. Property settlement in the family law can help you obtain the best possible solutions and disclosure of the parties’ documents.
It doesn’t matter how much time has been spent in the relationship, married or de-facto, this process of property settlement in family law should be done on a first-hand basis. At Koffels, we have simplified the process to make you understand what is required of you and how we can assist you in efficiently attaining the best solution in property division of family law.
Before you accept or reject any offer of property settlement in family law from your spouse, you should seek guidance from an expert solicitor, if the offer of property division is within the reasonable range of your expectations.
When working at a property settlement family court, there is a thorough four-step process:
- One must assess the assets, liabilities, and all sorts of financial resources of both parties, whether in Australia or overseas. This is important in determining the net pool of the assets that are made available for the property division in the family court.
- Considering both contributions (financial and non-financial) made by both parties to the assets during the relationship (in some cases, also post-separation).
- Understand the future needs of the parties that can be taken into account. This includes factors that impact each party’s overall entitlement like child care, health concerns, and maximum earning capacity.
- Once the above-stated factors are assessed, the overall conclusion and equitable distribution on all circumstances are calculated.
The jurisdictional family law is considered highly discretionary, and each case is treated differently with different outcomes. The ‘one size fits all’ approach isn’t a suitable expectation or outcome for property division in family law. There might be the chance that someone with the same case might receive a different outcome than what you may receive. It is advised to seek guidance in this particular circumstance.
It is important to understand that even if you and your partner have reached a certain agreement of property settlement by consent, the agreement must be documented in a legally binding and enforceable document to protect both parties from any sort of future claim against each other’s property.
In the unfortunate circumstance where you and your ex-partner cannot set your foot on property division, the family court steps in with their legal guidance and counselors, advising the property settlement to determine each party’s respective entitlements. It helps the court to understand the family law property settlement matter.
Do you wish to have the process the easy way or the hard way?
Such matters lead to two alternatives. You and your ex-partner can settle the property by consent or go to court for the legal guidance for property division in family court. A couple can make an agreement between themselves to know how a property should be divided and must be formalised via consent orders. Couples who are getting separated opt for this alternative. This step saves not only time but also money and unnecessary stress.
Agreeing on the division of your property
It is best to formalise your agreement with your former spouse and document it in an application for a consent order. This order identifies all the assets, liabilities, and superannuation interests of the relationship and outlines the agreement. Once both parties have settled, the application reaches the family court for property division for the review and execution in a settlement that would otherwise be received by the family court for property settlement.
There are many benefits that one attains in seeking advice from an experienced and qualified family solicitor, especially when drafting your agreement that includes advice about stamp duty exemption and fee reduction upon filing.
When there is a disagreement on property division
The family court follows basic steps in determining the application for property settlement:
Alongside assessing the property and financial resources, contributions made by each party, and non-financial contributions made by both parties, the court also identifies what is referred to as ‘future need factors’ and is essentially an assessment of the respective needs. The court takes into account the following factors:
- Age and state of health of each party
- Income, property, and financial resources of each party based on the physical and mental state of the employee
- Child care and control until he/she turns 18 years of age
- Responsibility of either party to support one another
- Eligibility of either party for a pension, allowances, or benefit
Multiple factors influence the contribution and adjustment, and it is best to seek guidance from a legal counselor. At Koffels, we strive to provide you with the required advice that guides you through the process you may neeed to deal with during the settlement process.
The jurisdiction of family law has a variety of discretion when it comes to asset dissolution. It is essential to take legal advice from an experienced family solicitor about the property before one moves ahead in negotiation with their ex-partner.
Contact our team of family solicitors, and make an appointment for an initial consultation so that you are well aware of your rights and entitlement.