We often receive questions from clients about property division, and we want to provide some answers and insights to help you navigate this process.
As family law firms gold coast, we understand that property division can be a complicated and emotional issue in divorce and separation cases.
Here are some frequently asked questions about property division in family law cases, along with our answers and insights:
What is property division in family law?
Property division refers to the process of dividing assets and liabilities between separating or divorcing parties. This can include:
The goal is to achieve a fair and reasonable division of property based on each party’s contributions and needs.
How is property divided in family law cases?
In Australia, the property is divided according to “just and equitable” principles. This means that the court will consider factors including:
- each party’s financial contributions
- non-financial contributions
- future needs.
The court may also consider the length of the relationship, the health and age of the parties, and any other relevant factors.
What happens to the family home in a property division?
The family home is often the largest and most emotionally significant asset in a property division. There are several options for dealing with the family home:
- including selling it and dividing the proceeds
- transferring ownership to one party and compensating the other party
- continuing to co-own the property
In family law, superannuation is considered a type of property and is therefore subject to division between separating couples in the event of a divorce or separation. Superannuation can be a significant asset, particularly for older individuals who have been in the workforce for many years, and it is important to understand how it is treated under Australian family law.
How is superannuation divided in property division?
Superannuation refers to the retirement savings that Australians accumulate throughout their working lives. It can be a significant asset, particularly for older individuals in the workforce for many years. It is important to understand how it is treated under Australian family law.
Since superannuation is considered property under Australian family law and is subject to division in a property settlement. The court will consider each party’s superannuation contributions during the relationship and may make adjustments based on the future needs of each party.
Do we have to go to court for property division?
No, you do not have to go to court for property division. Many property settlements are negotiated and agreed upon outside of court through mediation or negotiation. However, if you cannot reach an agreement, you may need to go to court to have the property division determined by a judge.
At Collective Family Law Group, we are here to help you navigate the complexities of property division and achieve a fair and reasonable outcome.
If you need advice or support related to the property division, please don’t hesitate to contact our expert divorce lawyer gold coast. We offer a family law consultation free for your initial appointment with us to help you understand your options and make informed decisions about your future. Contact us today to book your appointment.