Property Settlement
Unsure about property settlements after separation? Get in touch with an expert property settlement lawyer.
If you’re separated or thinking of separating, it’s important to understand which assets and debts may be included in a property settlement. To get the best settlement, speak to one of our expert property settlement lawyers who can help you understand your legal rights and obligations.
Book a free consultation with a property settlement lawyer
Property settlement fundamentals
Going through a separation or divorce is difficult, and property issues can be complex. Understanding the fundamentals is a great place to start.
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Get a team – having the right people in your team helps. If you are overwhelmed – get supportive counselling. Often the financials are complex and confusing so we can refer you to and work with accountants and financial planners so you can made better informed decisions- both now and for your future.
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If you agree on how to split your property and assets, it is possible to finalise matters without involving the court. You can make your agreement legally binding by a consent order, or can make a financial agreement. If you do not agree on how your assets should be divided you can apply for a property settlement – but there are risks in going to court and pre action procedures to comply with beforehand.
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Property settlements are largely determined in the same way whether you were in a de facto relationship or a marriage. The only difference relates to time limits to apply for a property settlement. You have 12 months after a divorce becomes final to apply, whereas you have two years after the end of your de facto relationship to apply.
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Disclosure is important and required to be provided including out of court property settlements.
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Not all assets may be divided and instead assets or liabilities may be retained by the relevant party.
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Each settlement is different as each outcome depends on the historical facts in each matter and prospective needs.
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Advice now prevents regret later. Decision you make will impact
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Commonly asked questions about property settlement
A divorce means you are no longer married. A property settlement is the process of dividing /retaining assets and liabilities when a relationship – whether the couple were married or in a defacto relationship- is over.
Get some advice on the agreement reached and about how to finalise it – most couples apply apply to the court for a consent order which is made without you or your lawyer having to attend court
Orders are enforceable and protect you if your former partner changes their mind. Once orders are made they difficult to set aside. If the agreement is not carried out then orders enable you to enforce it.
Orders can also attract savings by stamp duty and capital gains tax rollover relief in some instances.
No – most couples avoid having to litigate their property settlement using alternate dispute resolution – including collaborative practice, mediation and informal settlement conferences.
Sometimes a separation turns nasty and people attempt to get rid of their assets rather than divide them with their former partner. If you suspect this may happen you can apply for an injunction which prevents someone from disposing of property, cash, businesses, or other assets. You need to demonstrate a real risk of this taking place, and at AFL we can assist you in getting the necessary injunction to protect your rights.
A property owned in joint names may have parties named on the mortgage or it not then one party might be guarantor. Each person will have an ongoing responsibility for debts of any shared property, and if the parties do not make the necessary payments the bank may take action to repossess the home. Sometimes orders are required to compel one party to pay it.
About Australian Family Lawyers
Our dedicated and experienced family lawyers are committed to securing the best possible outcome for you in your property settlement matter. We worked to represent and resolve family law matters across Melbourne, Sydney, and Brisbane and are here to ensure your rights are protected.
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