Property Settlement

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.

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.