Property Settlement Lawyers Melbourne

The process will depend on which property settlement option is chosen.

Both parties should start by seeking independent legal advice from a family lawyer to negotiate the terms of the agreement. If both parties can agree, property matters can be formalised via a Binding Financial Agreement or via Consent Orders, both of which are legally binding.

Binding financial agreements can be completed and formalised without approval from the Family Law Courts. A consent order will however need to be approved by the Court.

If parties are unable to agree on the division of assets, then legal proceedings are required and the matter will be resolved in Court. If the property settlement is taken to Court, under the Family Law Act 1975, a four-step process must be taken.

1. Identify & value all assets and liabilities
2. Determine both the financial and non-financial contributions of both parties
3. Determine the future needs of both parties i.e future earning capacity, care of children, health issues etc.
4. Next, the Court will consider all of the above factors to determine a fair settlement. The first two steps are used to establish each party’s financial position.

Financial contributions are anything financial in nature, like earnings, inheritances, a deposit for a home, repayments on loans, contributions to super, paying household bills, buying food shopping and other items.

In married and de facto relationships, contributions to the relationship as not always financial. Non-financial contributions can be acts or efforts carried out by a party towards the acquisition, conservation or improvement of any property in the asset pool.

Sone examples of non-financial contributions include taking care of the children, improving and maintaining the family home or investment properties, cooking meals, home repairs and maintenance.

The Court places equal importance on both financial contributions and non-financial contributions.

No, not necessarily. There are several factors that will influence how the asset pool is divided and it may not be as simple as a 50-50 split.

Spousal maintenance is a separate family law matter, however, you can negotiate spousal financial support at the same time as you negotiate your property settlement.

Spousal maintenance is usually laid in binding financial agreements or via consent orders.

No, if you and your ex-partner or spouse can agree, you can settle your financial settlement out of Family Court or the Federal Circuit Court.

If you are separated and want to arrange a formal division of your property pool, you can formalise your property/financial settlement before filing for divorce. You do not need to be divorced to settle your property arrangements, although you cannot file for divorce unless separated for 12 months.

Property settlement time limits differ for married couples and de facto couples.

Couples in a de facto relationship can begin property settlement proceedings on the day of separation and within two years after separation. De facto relationship property rights are similar to married property rights.

Married couples need to commence a divorce property settlement proceedings within twelve months after the date the divorce has been finalised.

Many factors will affect the time frame and completion of a proposed property settlement. These factors can include:

• The financial complexity of wealth and all the property that needs to be divided.
• That both parties are in agreeance to the financial settlement.
• Whether you both sign an agreement and avoid going to Family Court.

If both parties agree to settle out of court, your property settlement can take up to four months to finalise. The average property settlement from the separation date and divorce is approximately 18 months.

There are several reasons an ex-partner is delaying property settlement. Your ex-husband, wife or spouse might see the benefits of delaying a property settlement process in certain circumstances, such as an asset is about to increase in value or trying to conceal an asset from the shared asset pool you are not aware of.

We always recommend that you seek legal advice, especially in instances such as these.

Yes, any new assets must be included in the property pool. If either party acquires other assets like new property or income since separation it’s their responsibility to tell the ex-partner as soon as possible. All assets, liabilities and financial resources must be disclosed and updated throughout the settlement process.

If you are concerned your spouse is hiding assets you have legal options. Income and property can be cleverly hidden and not declared by your partner during and before settlement negotiations.

Hiding assets is illegal even after you are separated. The duty of full and frank disclosure still stands even when two people are no longer living together under one roof.

In this situation, it’s always best to speak to a specialist family lawyer for legal advice early on. A family law firm can help review financial statements and make sure there are no hidden financial resources.

No, child support agreements and parenting arrangements are separate family law matters.

There is no mandatory requirement for separating couples to engage a family lawyer unless they plan on entering into a binding financial agreement. However, employing property settlement lawyers is likely to result in a more positive outcome from your property settlement.