Property includes all assets and financial resources, either jointly or individually held such as:

• real estate
• motor vehicles
• furniture
• bank accounts
• businesses
• shares
• cryptocurrency
• collectables such as art, coins, stamps, trading cards etc
• antiques
• superannuation
• pension entitlements
• Anything else with a monetary value

You can apply for property settlement at any time after separation and do not have to wait until you obtain a divorce. In the case of de facto couples, you have 24 months from the date of separation to obtain a property settlement.

The first step in the process is to identify and value the asset pool. This includes all assets and debts of both parties –  including those which were brought to the relationship initially and those accumulated during the course of the relationship.

Contributions And Future Needs

There are two main elements in determining entitlements and they are contributions and future needs. Contributions include financial and non-financial as well as separate or special contributions made by either party. Future needs can include factors such as responsibility for children after separation, income and employment capacity, age, current health issues and availability of other financial resources.

The Do’s and Don’ts in Financial Proceedings:

• You must tell the truth about assets and provide full and frank disclosure of assets and debts
• You must not dispose or gift away assets to deliberately avoid having them included in the property pool.
• Not conceal assets or attempt to destroy any property

There Are Many Misconceptions About Property Settlement. Here Are A Few:

• That property settlement is not necessary unless you own real estate or are paying off a mortgage
• Your name is not on the Certificate of Title of the former matrimonial home therefore I have no claim to it
• This is my business and the other party has played no part in running it so they have no entitlement
• If I leave the former matrimonial home then I will lose my entitlement to claim anything
• I have the right to keep all and any inheritances and gifts received during the relationship
• Being a stay at home parent has no value in property settlements

Any order for property settlement also needs to be clearly just and equitable in the eyes of the court. This means that it must be fair to both parties taking into consideration all the factors noted above. We will advise you in clear terms about the court process and what you can expect to receive as a percentage of the net asset pool.

We can offer further advice on property settlement matters from modest to complex property pools  and how the law applies to your unique circumstances. Book in for a free consultation with us to start the process.

Speak to us today, your initial consultation is FREE.