Tips and Advice from our Expert family law solicitors Gold Coast, Collective Family Law Group
Breaking up is hard enough without worrying about how your assets will be divided.
Whether you’re navigating a separation, divorce, or de facto property settlement QLD, property settlement can be a complicated process fraught with emotion and uncertainty. At Collective Family Law Group Gold Coast, we’re here to help.
In this guide, we’ll explain everything you need to know about the property settlement process in Australia, so you can feel confident and empowered as you move forward.
What is property settlement?
Property settlement is dividing assets and liabilities between two parties after the breakdown of a relationship. It can include everything from real estate, cars, and bank accounts to superannuation, investments, and personal belongings.
Property settlement aims to achieve a fair and equitable asset distribution based on each case’s individual circumstances. You do not have to be divorced or have the assets sold before arranging your property settlement.
How does property settlement work?
In Australia, property settlement is governed by the Family Law Act 1975. The Act sets out a four-step process for property division, which includes:
- Identifying and valuing assets and liabilities: This involves gathering information about the parties’ financial circumstances and determining the value of their assets and liabilities.
- Assessing contributions: This involves looking at each party’s contributions to the relationship, both financial and non-financial.
- Considering future needs: This involves considering the future needs of each party, such as their age, health, income, and ability to earn.
- Determining a fair and equitable distribution involves using the information gathered in the first three steps to decide how assets and liabilities should be divided.
How can I ensure a fair and equitable outcome?
A fair and equitable outcome in property settlement requires careful planning, preparation, and negotiation. Some tips to keep in mind include:
- Gather all relevant financial information and documentation, including bank statements, tax returns, and property valuations.
- Work with a skilled family law attorney who can help you navigate the legal system and advocate for your rights.
- Be willing to negotiate and compromise, but also know your bottom line and what you’re willing to accept.
- Consider alternative dispute resolution methods, such as mediation or collaborative law, to avoid going to court.
At our Collective Family Law Group, we understand that property settlement can be complex and emotional.
So, here’s a checklist that can help you prepare for a property settlement or navigate your family law matter:
- Identify the property: List all the properties you and your partner own. This includes real estate, investments, superannuation, bank accounts, vehicles, and other assets.
- Determine the value: Determine the value of each asset and liability. This can be done through appraisals, valuations, and financial statements.
- Identify contributions: Determine the contributions made by each partner to the acquisition, maintenance, and improvement of the property. This includes financial and non-financial contributions, such as caring for children or maintaining the property.
- Consider future needs: Consider the future needs of each partner, including their age, health, income, and earning capacity.
- Negotiate a settlement: Negotiate a fair and equitable settlement for both parties. This may involve trading assets, making lump sum payments, or agreeing on a payment plan.
- Formalise the agreement: Once a settlement has been reached, formalise the agreement in writing. This can be done through a Binding Financial Agreement (BFA) or Consent Orders.
- Seek legal advice: Seek legal advice from a qualified family lawyer to ensure that your rights are protected and that the settlement is fair and equitable.
Remember, property settlement can be complex and emotional. It’s always best to seek the advice of a qualified family lawyer.
That’s why we’re here to guide you through every step, offering expert advice from the best divorce lawyer in Gold Coast, compassionate support, and a commitment to achieving your best possible outcome.
If you need help with property settlement or any other family law matter, don’t hesitate to contact us for a family law consultation free 45-minute initial consultation.