Property &
Financial Settlements
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Dividing Assets Following Separation
Divorce can be an overwhelming process, particularly regarding safeguarding your assets and securing your financial future. Property settlement lawyers play a crucial role in untangling and simplifying even the most complex of financial situations with the goal of ending your financial ties with your former partner.
We act in a range of matters from simple asset structures to more complex situations involving businesses, trusts, third parties and high net worth individuals. If you are unsure of your or your ex partners financial situation we can assist with obtaining information and documents to gain a clearer picture about the assets you are dealing with so you are in the best possible position to make informed decisions.
Regarding financial settlements following divorce or separation, property division can pose various challenges encompassing legal complexities and tax implications. That's why it's vital to choose a family lawyer who understands the law and is skilled in effective negotiation strategies. At Seacliff Family Law, we service the Wollongong, Sutherland, Macarthur, Southern Highlands and wider Sydney regions, and are committed to helping you achieve equitable agreements about your property division.
Dividing Assets
Following Separation
We act in a range of matters from simple asset structures to more complex situations involving businesses, trusts, third parties and high net worth individuals. If you are unsure of your or your ex partners financial situation we can assist with obtaining information and documents to gain a clearer picture about the assets you are dealing with so you are in the best possible position to make informed decisions.
Divorce can be an overwhelming process, particularly regarding safeguarding your assets and securing your financial future. Property settlement lawyers play a crucial role in untangling and simplifying even the most complex of financial situations with the goal of ending your financial ties with your former partner.
Regarding financial settlements following divorce or separation, property division can pose various challenges encompassing legal complexities and tax implications. That's why it's vital to choose a family lawyer who understands the law and is skilled in effective negotiation strategies. At Seacliff Family Law, we are committed to helping you achieve equitable agreements about your property division.
What Is a Property Settlement?
A property settlement encompasses the equitable distribution of assets between spouses following divorce or separation. The aim is that you will no longer be tied financially to your ex partner. It may involve certain property being sold with the proceeds divided, or may involve a transfer of ownership of certain assets. A property settlement can incorporate all types and classes of property and assets including a house or land, money, business, companies, trusts, cars, boats, caravans, shares, superannuation, furniture, jewelry and artwork. Putting it simply, it is dividing anything you and your ex partner own that has value. A property settlement will also need to consider and take into account financial resources and any debts or liabilities of either person or associated business or trust.
Another area that may need to be explored is financial support, known as spousal maintenance. This is where an amount is paid from one spouse to the other who is unable to adequately support themselves. An example where this may be necessary is if one spouse does not work and has taken on the primary carer role of children, whilst the other is the primary income earner. In this situation where there is a separation, the spouse that is not working may be unable to support themselves adequately whilst the property settlement is being sorted out. The money may be tied up in assets and is unable to be accessed immediately until the property settlement is finalised, which can take time. Most often spousal maintenance will be paid for a fixed or short period of time, for example until the property settlement is finalized and you are able to access your share of the asset pool. You may know spousal maintenance as Alimony, which an American term not used in Australia.
How Does the Property Settlement Process Work?
If you find yourself going through a divorce or separation, you may be contemplating how to divide your shared property. Should it be an equal split or should one party receive a bigger share? What is fair and what am I entitled to? It depends on multiple factors, including the duration of the relationship or marriage, financial and non financial contributions and the future needs of each party. Sounds simple but there are many variables that are considered when determining your entitlements. No two matters are the same.
Once an agreement is reached, it is important that it is formally documented to ensure it is legally binding. This protects you moving forward, so the other party can’t back out or later change their mind and try and get more assets. It can protect you from future claims by your ex. If you are retaining a property, a properly documented settlement agreement can also assist with an exemption from stamp duty. For married couples, you do not need to wait until you are divorced to be able to divide your assets.
If an agreement is unable to be reached, you may have no other alternative then to file in Court and have a judge make a decision. Whilst we aim to resolve family law matters without the need to go through the court process, where this is necessary we have extensive experience in preparing your case and evidence before the Court.
It is very important to be aware of time limitations on filing an application for property orders or spousal maintenance orders. If you are married, you have 12 months from the date of divorce. If you are in a de facto relationship, you have 2 years from the end of the relationship. For de facto relationships, it is highly recommended that you obtain advice regarding the date of separation as the date of separation is not simply taken as the date on party moves out of the shared property. There can be periods of separation whilst living in the same property. You don’t want to miss your time for filing an application with the Court if you calculate the limitation period by using an incorrect date of separation.
To navigate this process effectively, seeking the guidance of a family law specialist is advisable. They possess the expertise to assist you in securing a just portion of assets and provide valuable guidance throughout. Considered planning now can translate into financial security for you and your family into the future.
Why Choose Seacliff Family Law For Property Settlement?
As an experienced family law specialist, Ashleigh is highly regarded and leads our esteemed firm. Ashleigh's blend of professionalism, efficiency, warmth, and support make her a trusted advisor you want in your corner.
Our primary objective at Seacliff Family Law is to establish a secure, nurturing, and supportive environment for our valued clients. We take the time to listen and get to know you, your needs and goals. We recognise the intricacies involved in navigating family law matters, which is precisely why we take pride in delivering specialised, client-centric legal guidance with utmost empathy and sensitivity.
As a cohesive team, we consider it an honour to assist clients during the challenging moments in their lives. Stability and security serve as fundamental pillars for any family unit, and we strive to empower individuals by providing certainty, closure, and a path forward filled with optimism and hope.
Frequently Asked Questions
How are property assets split?
It depends on the nature of the asset, how it is owned, the financial capacity of the parties and their particular wishes. For example, in the case of a property it can either be sold with the proceeds divided or it can be transferred into a parties sole name. If there is a mortgage this will also generally be refinanced into the sole name of the person that is keeping the property. Often there will be a cash payment to the other party in exchange of the property transfer. The aim of a property settlement is that you no longer have any financial ties to one another.
How long after divorce can you do A property settlement IN Australia?
You have 2 years from the end of a de facto relationship to apply for property orders or make a claim for spousal maintenance. If married, you have 12 months from the date of divorce.
There is no need to wait until you are divorced for a property settlement. You can make arrangements for a property settlement immediately following separation. In fact, most property settlements we assist clients with takes place prior to a divorce order being made.
If it is just and equitable to make an order changing the property interests of each party, the general process involves working out what assets and liabilities there are and how they will be distributed. There is no set formula to calculate a property settlement, and there is no starting point of a 50/50 split.
1. Establishing the property pool available for distribution which includes superannuation. Documents may need to be exchanged and valuations undertaken as part of this process.
2. Looking at the history and considering the contributions made by either party at the commencement of the relationship, during the relationship and post separation. This includes both financial and non financial contributions.
3. Looking to the future, what are the needs of each party. This involves considering factors such as the health of the parties, age, care of children, income disparity and earning potential.
The above considerations will determine what you are entitled to in a property settlement. The Court has the ability to make further adjustments if needed to ensure the overall split of assets is fair in the circumstances.
What process does the court use to determine the division of property?
How long does A property settlement take?
It depends on your situation and how quickly an agreement is reached. If you have an agreement reached, there are no outstanding issues like valuations required and each party is responsive to providing the required information, it can take as little as 4-6 weeks. If you need to negotiate or go through the mediation process, this can take a few months again depending on how responsive each party is. If you need to go through the Court process this can take up to 2+ years. Throughout the Court process you can reach an agreement at any stage, which would bring the proceedings to an end.
What about our Superannuation?
Superannuation is treated as a type of property interest. Superannuation is capable of being “split” or divided as part of a property settlement. If superannuation is split, it does not convert into a cash asset. It will generally be rolled over into the persons own super fund and is still subject to the usual superannuation laws that apply (for example, it usually is not accessible until retirement age is reached).
OUR SERVICESSeacliff Family Law
seeks to untangle the Complexities of:
DIVORCE & SEPARATION
Bringing an end to the marriage through divorce,
de facto relationships, same sex couples, international family law
PROPERTY & FINANCIAL SETTLEMENTS
Sorting out the finances following the breakdown of a relationship, including the division assets and property, superannuation and financial resources, spousal maintenance & child support
CHILDREN’S & PARENTING ARRANGEMENTS
Making a plan for the children of separated parents. This can include dealing with many different issues such as domestic violence, parental alienation, relocation, recovery matters & grandparents rights
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