Determining what you are entitled to after separation by way of a property settlement can be a confusing and stressful task. For this reason, it is important to obtain legal advice to ensure that you are aware of your entitlements.
In order to determine what you are likely to receive from your property settlement, a four step approach is adopted in assessing your entitlements:
- Step 1 – Firstly the Court will calculate the total assets owned by both parties, including real estate, shares, cars, jewellery, savings, superannuation, and furniture to name a few;
- Step 2 – Next the Court will weigh up the contributions made both parties to the relationship, which is inclusive of financial and non-financial contributions. This involves assessing what each person brought into the relationship, the assets acquired during the relationship, and assets obtained after separation. The Court also considers the contributions of the parties with respect to home duties and parenting of the children;
- Step 3 – The Court will then examine the future needs of both parties, including such factors as earning capacity and the ongoing parental responsibilities;
- Step 4 – Lastly, the Court will make a decision based on what is just and equitable to both parties.
If you are able to reach agreement with the other party, it will not be necessary for you to attend Court. In these circumstances, we can assist you with the preparation of relevant documents to finalise your matter and allow you to move on with your life.
It is important to note that strict time limits apply in property settlement matters. If you are divorced, you have twelve (12) months within which to file an application in the Court seeking a division of your assets. In the case of de facto relationships, your application must be filed within two (2) years. You should not assume that the Court will be prepared to determine your matter should these time periods expire.
Dealing with the complexities of property settlement is stressful and the consequences of not doing it properly can impact on the rest of your life. We are experienced negotiators, and will do our upmost to make sure that you get the best possible outcome. Formston Bromfield Lawyers offer reasonable FIXED FEE arrangements for particular family law matters.
If you would like to arrange a consultation with one of our lawyers to obtain legal advice based on your particular circumstances, please complete an ‘Online Enquiry’ form or contact us using any of the details provided on our Contact Us page.