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Family Solicitors

What is Property Settlement?

Going through a separation and need to divide your property? A guide to property settlement and what it means, from our family solicitors.

Family Solicitors

Property Settlement explained by our Family Solicitors.

 

Property settlement is the process of finalising the financial ties and arrangements that you have with your former partner. The complexity of dividing your property can depend on a number of factors, but it’s important to understand what it is and how it works. Our family solicitors have provided a simple guide to property settlement.

You and your former partner may own a house where you lived during the relationship or you may own rental properties. You may have a business or hold other property or investments. Whether property is owned by you and your former partner jointly or separately, it will need to be decided what happens to each item of property in a property settlement.

For example, the house or different rental properties may be sold or you or your former partner may retain one or more of those properties and take over any mortgage/s over that property.

However property is divided, the value of each asset and liability is agreed so that an account can be taken to ensure that each of you and your former partner receive your overall entitlement in the property settlement. For example, if one of you retains the house and there is no other real property, it may be that the other party receives some cash payment or other asset.

The way in which assets and liabilities are divided will depend upon several factors. The Family Law Act 1975 sets out the different steps that are considered to work out what entitlement each of you and your former partner will have to property settlement.

There is no mathematical approach. Each relationship and your personal circumstances are different. Hearing from friends then about other people’s experiences may be interesting but it is not going to tell you where you stand.   You will need to obtain advice based on your personal circumstances about how property may be divided with your former partner.

Want to learn more about property settlements? Read here. Or, give our experienced family solicitors a call today.

Family Law Solicitors

What if my former partner won’t agree to have a property settlement?

You want to obtain a property settlement but your former partner refuses. What can you do? Our experienced family law solicitors shed some light on this issue.

Family Law Solicitors

Property Settlement advice from our Family Law Solicitors.

 

It sometimes happens that a former partner does not want a property settlement, whether for personal reasons or because they do not understand the process.

Even in this situation, you can obtain a property settlement. We would generally recommend that you write to your former partner through your lawyers and propose negotiating a property settlement or some other processes such as mediation at an appropriate time.

If your former partner does not respond or does not respond in a reasonable way, you have the option to bring an Application for property settlement before the Court. We regard a court action as the last resort, particularly in view of the costs that can be involved. However, in some situations, especially where attempts at negotiation become protracted or time limitations may be ready to expire, it can be sensible and even necessary to start a court action.

You should bear in mind that you and your former partner may still reach an agreement and obtain Consent Orders even after a legal action is started. The Court will anyway generally order some form of mediation and many parties will settle property then or soon after.

For more information on property settlements, click here. Or, get in touch with our family law solicitors today.

Brisbane Family Lawyers

What is Property? Find out from the Brisbane Family Lawyers.

There are a number of terms thrown around in family law, that can often leave you feeling puzzled. Even words commonly used in everyday language like “property”, take on a very specific meaning when being referred to in a legal matter. As part of our unique services as Brisbane Family Lawyers, we ensure that our clients are fully-informed from the start. Any questions or matters that impact them will be made transparent, so that you, as the client, can make comprehensive choices about your family law matter and how it is dealt with.

A common term that comes up in family law is, “property”. As property settlements often form part of a family law matter, it’s good to be aware of what the term entails.

Brisbane Family Lawyers

Brisbane Family Lawyers

 

What is ‘property’?

The property that is taken into account in a property settlement is basically all of the assets which either or both of you and your former partner own or control.
This will include real property (including the matrimonial home which you and/or your former partner own or control); interests in companies and businesses and their assets;share and investment portfolios; superannuation; bank account balances; time shares; vehicles; bikes; boats and furniture and chattels such as fine art; jewellery and antiques. The property pool may also include any interest or entitlement that you or your former partner may have in any trust.

If you’re interested to learn more about property settlement, read more here.

Our Brisbane Family Lawyers specialise in a number of areas. From divorce, to child custody, to de facto relationships. No matter your question or situation in family law, we can help. Give our Brisbane Family Lawyers a call today on (07) 3506 3651 and receive a free 15 minute consultation to start your journey forward.