Property Settlement
Our Practices
Property Settlement Lawyers in Melbourne
If handled and prepared correctly, property settlement can help put you on the right track for your financial future after separation or divorce. Determining a property settlement involves considering many different things, including any shared property one or both spouses may have, superannuation interests, and whether you still financially depend on each other. When all of these elements are taken into account together, property division and asset division can generally seem like a complicated issue that appears difficult to understand in the beginning. With good legal advice from experienced property settlement lawyers, however, you can be taken through the complete process while avoiding disputes and delays.
Schetzer Papaleo Family Lawyers assists clients with all aspects of property settlements, including property and asset division, superannuation splits, and alimony. Our team of industry-leading experts provides tailored legal advice to ensure optimal outcomes that protect your best interests.
Understanding Property Settlements in Family Law
In Australian family law, property settlements mainly involve the division of assets, liabilities, and financial resources between the couple separating. This structure applies to married couples as well as de facto relationships, which are defined under the Family Law Act 1975 as a relationship between two people wherein they have lived together on a genuine domestic basis.
The law takes a careful, reasoned approach to what is fair and equitable in property division, taking into account each person’s contributions to the relationship. There is no presumption that financial contributions, such as being the main income earner during the relationship, are any more important than contributions as a full-time parent or home-maker. Some of the items used to make this determination include jointly held property, property owned individually, assets that were accumulated prior to or during the course of your marriage, businesses owned, inheritances received, and much more.
Getting early advice from an experienced property settlement lawyer is one thing you can do to safeguard your entitlements, as there are specific time limitations that apply in relation to the division of property. Normal time frames mandate a party to put in their application for property settlement 12 months after the divorce is granted (as for married couples) or two years from the date of separation (de facto couples).
How Property is Divided
There is a four-part process that courts normally use to decide on property settlements:
- Identify and value the asset pool: This step includes real estate, bank accounts, investments, vehicles, businesses, superannuation, debts, and financial resources of the parties involved.
- Assess contributions: The court considers both the financial and non-financial contributions of both parties. Contributions as a homemaker or parent are included in the assessment.
- Consider future Needs: The care of children, earning capacity, age, health, income, and other essential factors are also considered and may affect adjustments to the division of property.
- Ensure the outcome is just and equitable: It is crucial to determine a fair split based on all relevant circumstances and considering the context of the relationship.
Superannuation Splits
Although it is not immediately accessible, superannuation is among the most valuable assets in a property settlement. It is treated as property that can be split between parties as part of a settlement under Australian family law.
Different funds have differing rules and valuation methods, requiring careful consideration when structuring superannuation splits. Drafting compliant documents and obtaining correct information is essential to an effective and enforceable split, and is something that highly experienced property settlement lawyers can help you achieve.
Spousal Maintenance
Separate from child support, spousal maintenance is payable where one party is unable to adequately support themselves while the other is capable of providing financial assistance. Spousal maintenance is often addressed alongside property settlement negotiations unless an urgent issue arises shortly after separation. Each case is unique and assessed on its own merits, considering factors such as age, income, and the division of property, among other relevant factors.
Pathways to Resolution
There is a range of legal pathways that parties can take in seeking to resolve property settlement matters. Negotiated agreements, mediation, binding financial agreements, and consent orders approved by the court are common options taken early on. Court proceedings, on the other hand, are generally considered a last resort when prior negotiations have fallen through.
Schetzer Papaleo Family Lawyers’ Approach to Property Settlements
We focus on achieving fair and sustainable outcomes by taking a strategic approach to property settlements. Our team of industry-leading experts can advise you on likely outcomes, identify asset pools, address superannuation and spousal maintenance issues, and negotiate with the other party and their legal representatives. Should it become necessary and also appropriate, we can draft legally sound and optimal binding financial agreements or consent orders. We are also able to provide representation in court if it is needed.
Preparing For Your First Meeting
Bringing relevant financial information as soon as the first consultation can help us provide clear advice from the outset. Information such as your assets, liabilities, income, and superannuation, along with existing agreements or court orders, can be helpful details in approaching your case. If pertinent information is unavailable, our experienced property settlement lawyers can guide you through the following steps.
Frequently Asked Questions
What is a property settlement in family law?
A property settlement is the process of dividing financial interests after separation. It may involve assets, debts, superannuation, businesses, trusts or other financial resources, depending on the circumstances.
Do I need a property settlement lawyer after separation?
It is often helpful to obtain legal advice before agreeing to a property settlement, particularly if there are significant assets, debts, superannuation, a business, incomplete disclosure, or uncertainty about what may be fair in your circumstances.
What assets can be included in a property settlement?
A property settlement may consider real estate, bank accounts, vehicles, investments, superannuation, businesses, trusts, inheritances, debts and other financial interests, depending on the matter.
How is property divided after separation?
Property division depends on the circumstances of each case. Relevant considerations may include the asset pool, contributions, future needs and other factors. You should obtain advice specific to your situation before making decisions.
Can superannuation be split in a property settlement?
Superannuation can often be considered as part of a property settlement. The appropriate approach will depend on the circumstances and should be discussed with a family lawyer.
Can a property settlement be resolved without going to court?
Many property settlement matters can be resolved through negotiation, mediation or formal agreement. Court may be required in some matters where agreement cannot be reached or urgent issues arise.
Secure Your Financial Future
When done right, a property settlement provides financial certainty that enables you and the other party to confidently move forward. The proper legal advice can make all the difference in delicate and time-sensitive matters like property settlement.
If you need assistance with property and asset division, spousal maintenance, or superannuation splits, get in touch with Schetzer Papaleo Family Lawyers by calling us at +61 3 8602 2000 or emailing us at admin@spfamilylawyers.com.au to speak with a dedicated property settlement attorney.
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What our clients have to say
I first met Daniel Myers some years ago during the very early stages of my family law matter. I had a previous bad experience with another law firm and approached Daniel after receiving a recommendation from a friend. I was seeking legal counsel for a highly difficult and volatile family law matter which involved: family violence protection orders, an inter-state appeal to the high court and child custody.
As soon as I met Daniel I felt at ease and comfortable as Daniel would listen to all of my concerns and would provide me with clarity on a variety of issues. When carrying out his duties, Daniel would always go above and beyond to respond to me in a timely and prompt manner and as a result, I never felt left in the dark or unsure of anything. Regardless if correspondence was positive or negative, Daniel would inform me immediately and explained what was required next during every step of the legal process.
There were several legal appearances which required interstate travel in which Daniel would always arrive prepared for and on time. In addition to this, throughout our matter Daniel was always respectful, diligent and persistent. Even during the most challenging areas of the legal process, Daniel would persevere and explore every potential avenue, leaving no stone unturned. Some areas of the case were extremely complex however Daniel’s sound analytical skills and forensic approach to problem-solving ultimately led to us receiving a positive case outcome – one I thought at many a time to be almost impossible.
Daniel is extremely rational-minded and works impeccably well under pressure, his attention to detail is second-to-none. I had many stressful moments in which Daniel efficiently and effectively addressed my concerns. Daniel always acted in the best interest of myself and my child and every decision made was with the best of intentions.
Each interaction I had with both Daniel, and his co-workers, was always a positive experience.
If I ever require legal representation again in the future, or if I knew someone who required legal representation of their own, I would highly recommend Daniel or a member of his team.
Thank you so much for all of your help and effort – I will be eternally grateful.
David and Kerry were excellent and achieved the best outcome possible. I would highly recommend them.
I cannot recommend Schetzer Papaleo Family Lawyers enough! I have been so lucky having Kerry Ktenas as my lawyer. She has been incredibly supportive, kind and professional throughout a stressful separation and has kept me sane during difficult times. Thank you for helping me gain freedom and happiness in my life again!
The hardest part of making your way through court is finding a decent lawyer. It’s painful and I know because I just came out the other side. Of the 50 or so I would have contacted Daniel Myers is on another level. Most are only concerned with how much money they can get out of you while Daniel has a genuine interest in your file. He drills down, understands the law in detail and has an uncanny ability to nail the most relevant issues. Daniel protects his clients by providing them with intelligent wise thoughtful counsel.
I was basically set upon by a pack of wolves and as soon as the opposition knew I had Daniel in my corner. They always had the towel nearby ready to throw it in. They don’t want to take him on because it means they have to work. This is how my matter resolved. Navigating your way through a legal matter and or court is a blood sport so let me give you some real first hand advice to make it a whole lot easier and get the result you are seeking. Start with Daniel Myers and finish with Daniel Myers. Don’t waste your time and put yourself through the pain of finding a lawyer. I just gave you the best. Daniel Myers.
I have been dealing with Andrew Papaleo for the last six years and most recently Kerry Ktenas in regards to Family Law. This Firm is highly professional and child focused, all of my matters have been resolved in a cost efficient, honest manner with outstanding results.
I am so grateful to Schetzer Papaleo, they have been fabulous, they are very professional and have helped me through some very difficult times.
I am impressed that they are family focused and they have been great to work with. I would highly recommend their services.
The whole team are friendly, efficient and welcoming. Would recommend unhesitatingly.
Thanks to Andrew and the team for their professionalism and their support throughout the whole process. And for amazing result. A special thanks to David for taking on a difficult task.