A Few Things You Should Know About Property Settlement In Brisbane
At Collective Family Law Group, we believe our clients should understand the legal matters they’re involved in, so we empower our clients to learn everything they need to make informed legal decisions. That’s why we provide plenty of accessible, jargon-free information to help you wrap your head around your family law matter. As leading lawyers in property settlement in Brisbane, we’ve outlined a few things we believe everyone undergoing divorce and property settlement should know.
5 Facts About Property Settlement You Need To Be Aware Of
There’s a lot to go over when explaining property settlement, and each case has its intricacies and unique circumstances. However, there are a few facts of which everyone entering property settlement discussions should be aware.
You don’t need to be divorced to start property settlement discussions. Many people believe that divorce must be finalised before you can begin working through property settlement, but this isn’t the case. As soon as you and your partner separate, you can seek advice from property settlement lawyers in Brisbane and begin discussions.
Australia sees divorce as ‘no fault’. Regardless of who ended the marriage and why the courts don’t try to ascribe blame for a marriage breakdown. Infidelity or other moral issues won’t influence the outcome of the settlement. However, instances of property damage and domestic violence can influence the outcome.
There is no set formula for dividing property. While the courts follow a four-step process to divide assets equitably, each case is unique and will have a unique outcome. When determining how to divide property, the court considers;
The assets and the debts of each party.
Who has contributed what to the relationship, both financially and non-financially.
Factors that will affect individuals in the future such as income and arrangements for child custody.
The overall outcome is just and equitable.
Property settlement and divorce are separate legal matters. While the two are often treated as though they are inextricably linked, property settlement and divorce are separate family law matters.
The term ‘property’ covers more than just your finances and home. Many assets are included under the umbrella of property, including;
The family home and any investment properties
Debts including mortgages, loans, credit cards, and personal debts
What Do You Need To Provide For Property Settlement?
Because there are so many assets considered in property settlement, you’ll need to provide a range of documentation to the courts and your legal team.
Copies of your three most recent tax returns (if you are behind in tax, you need to bring everything up to date before lodging your property settlement application).
Copies of your three most recent tax notices of assessment.
Copies of your three most recent wage/salary certificates.
If you are part of a superannuation plan, the completed information form for any superannuation interest.
If you are in a self-managed superannuation fund, the trust deed and copies of the fund’s three most recent financial statements.
If you have an ABN, copies of the last four BAS statements lodged.
If you have a partnership, trust, or company (except a public company), you need copies of the three most recent financial statements, the last four BAS statements lodged by the partnership, trust, or company, the most recent annual return outlining directors and shareholders, a copy of the corporation’s Memorandum and Articles of Association, a copy of the trust deed, and a copy of the partnership agreement.
All financial contributions you made at the commencement of cohabitation.
Any purchase or disposal of property in the 12 months prior to and since separation.
Any increase or reduction in liabilities since separation.
The value of any superannuation interest of a party, including the basis on which the value has been calculated and any documents used to calculate the value.
A list of all bank accounts, details of account numbers, passbooks, and bank statements for the last 12 months.
Details of all credit union, building society, or other such deposits books or statements for the past 12 months.
Details or records of any investments, stocks, and shares.
Any social security pension or payment details.
Records or details of any overtime worked in the past 12 months.
Records or details of any long service leave accrued.
Valuations or appraisals of goods (cars, televisions, computers etc).
Records or details of any of the above that relate to your children.
Medical or psychiatric reports if you have a health condition impacting your earning capacity.
Medical certificates if you have a health condition impacting your earning capacity.
How To Choose A Lawyer For Your Property Settlement
When it comes to hiring a property settlement lawyer in Brisbane, you’ll want to make sure you’re enlisting the help of someone who understands your circumstances and your expected outcomes. Here are a few tips on how to choose a lawyer for your settlement matter.
Look for consistent communication. You need to be in regular contact with your divorce lawyer, so make sure your solicitor has a plan outlining how they intend to maintain communication with you via phone calls, emails, or Zoom calls.
Listen to recommendations. Ask your friends and family and consult with Google reviews to find an experienced, high-quality property settlement lawyer in Brisbane. If people are happy with their work, they won’t hesitate to make a recommendation.
Choose an experienced family lawyer. When it comes to divorce and separation, you need to consult with a specialist family lawyer. The team at Collective Family Law Group practise exclusively in family law, and we have decades of experience working in all areas of family law.
Personal compatibility. When facing property settlement in Brisbane, you need to be able to trust your solicitor, so you feel comfortable confiding in them about your financial position. Make sure you feel respected and valued by your lawyer from the very beginning.
If You’re Undergoing Property Settlement In Brisbane, Contact Collective Family Law
At Collective Family Law Group, our practice focuses exclusively on family law matters. We’re industry experts in all matters of family law, including but not limited to matters of separation, property settlement, domestic violence, financial agreements, divorce, and child support. We strive to provide quality legal services with a resolution-focused approach to our clients’ needs, and our team offer practical legal advice and solutions in a professional, approachable manner. If you need a lawyer for property settlement in Brisbane, contact Collective Family Law Group today.
We are committed to the efficient and prompt resolution of family law matters, in the most cost effective manner possible.
Call us today to make an appointment for your free consultation with one of our experienced family lawyers.
WHAT OUR CLIENTS SAY..
These guys have been absolutely amazing with helping me with my case as it has been tough but they have helped me get through it. Honestly the team have been so amazing and have helped me with been able to get the courage to get through this situation and they have been so supportive. The service has been fantastic as they have checked up on me and my family constantly to see how we have been going through out the process. I would highly recommend Collective Family Law Group to any one seeking assistance in a family law matter. Yours Faithfully, Mark.
I cannot speak highly enough about the team at Collective Family Law. I was going though a very hard time emotionally and financially and received nothing but compassion and support. If you need a family lawyer please look no further than this group of high knowledgeable and skilled people, you’ll be glad you did. Yours faithfull Brendan.
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The team at Collective Family Law Group helped me navigate through a very difficult time in my life. I appreciated their honest, straight forward approach and would recommend them to anyone needing family law work done.
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