Do I get more of the property settlement if I get the kids?
As family lawyers, one question we are often asked by a newly separated client is…
Property Settlement
Separation and Divorce Settlements
If you've been through a separation or divorce, our family lawyers can guide you through the property settlement process. We'll help you make important decisions about finances, property, and assets. Our property settlement lawyers are here to answer your questions so you can understand each step.
Even if you and your former partner agree on a settlement, it's best to seek advice from a family lawyer.
There are only two ways in which a property settlement can be finalised;
- by making an Application to the Court for Consent Orders; or
- by entering into a Binding Financial Agreement, that complies with the requirements as set out in the legislation.
Our experienced property lawyers in Townsville will advise you on how to finalise your agreement.
If you and your former partner can't agree on dividing property, our lawyers will represent you and negotiate with them. If needed, we will help at the Family Law Courts to secure a Property Settlement Order.
It's important to note that there are time limits on a divorce property settlement. You can complete it any time after separation. However, you must complete it within 12 months from the date the Divorce Certificate was given. If you were in a de facto relationship, you have two years from the date of separation to finalise the settlement.
Property settlement can be a difficult process, especially if you have limited resources. Contact us to find out how you can delay paying your legal fees until your case is resolved. You can also enquire about qualifying for a payment arrangement (terms and conditions apply).
Book an appointment with one of our family lawyers for a confidential consultation regarding fair property settlement. Our expert divorce lawyers will work hard to ensure the best outcome.
Deferred and Fixed Fee Options Available
Call us now for an initial over-the-phone or face-to-face consultation.
When applying for a property settlement, you will need to disclose your financial circumstances (assets and liabilities). The following factors are considered by the court in deciding on the property settlement: Please speak with one of our family lawyers today to ensure you’re prepared and fully understand the process and expected outcomes.
Factors courts will consider
How we can help - next steps
Everyone deserves access to great legal advice and representation, which is why we offer:
- An initial consultation with a property settlement lawyer, so you can identify the best options for you and your family.
- Deferred payment options*, so you don’t have to deal with legal fees until you have reached settlement.
- Fixed fee payment options*,so you have certainty as to your legal fees.
- Payment plans, so you can pay your legal fees over an agreed period.
Speak to one of our expert divorce lawyers in Townsville to take the first step to resolution.
*Conditions apply. Give us a call to find out if you are eligible.
Frequently Asked Questions
If I transfer property into someone else’s name, will it be excluded from the property pool?
When settling property, all parties must honestly disclose their assets, debts, and superannuation. This process enables the identification of any assets that another party may have transferred.
If the family courts discover that someone has transferred such assets, they have a broad range of powers. They can reverse the transaction or add back the value of the disposed asset. Our team of property settlement lawyers will assist you in navigating this process.
We have agreed on a split. Should I bother getting legal advice or formalising the agreement?
It is crucial that you formalise an agreement in a way recognised by the courts under the Family Law Act. The only way a court will recognise a property settlement is if it is recorded in consent orders or a binding financial agreement.
If your agreement has not been formalised through one of these methods, it will not be considered completed by the courts. This means that the court can still make orders regarding the division of your assets, liabilities, and superannuation if either party applies.
To protect yourself, we recommend you seek advice from a lawyer who specialises in property settlements. Formalising your agreement will also provide benefits, like avoiding stamp duty when transferring property between spouses.
Is superannuation included in the property pool?
Superannuation is considered as a shared property during separation. Splitting superannuation between spouses is crucial for a fair settlement, especially if one spouse has not been able to earn. In most cases, superannuation is the largest asset accumulated by both parties.
There are special processes that need to be followed when dividing the superannuation. This includes a requirement that the superannuation fund’s trustee approves any proposed order in relation to superannuation before that order is made.
Our experienced property settlement lawyers can answer all your superannuation questions.
Can you be separated and living under the one roof?
Separation happens when one spouse intends to separate and communicates that intention to the other spouse. Sometimes, spouses continue living together for a while to make fair arrangements.
If you lived with your spouse for 12 months before filing for divorce, you may need more evidence. Our family lawyers can help you understand the date of separation and assist you in applying for a divorce.
What time limits apply?
For de facto relationships, you have two years to settle property and spousal maintenance. If you were married, you have 12 months after your divorce.
If you can’t resolve these matters within the time limit, you need to file an application with the court to preserve your rights. Talk to our property settlement lawyers to see if you can make an application.
What’s the difference between a property settlement and a divorce?
The termination of a marriage is referred to as a divorce. The dividing of a couple’s assets and debts, is referred to as a property settlement.
Often, people combine divorce and property settlements into one process., However, in the eyes of the Australian legal system and the Family Law Act, they are viewed separately.
What am I entitled to in a divorce?
Each property settlement is different and depends on the individual circumstances of your family. A property settlement may include a ‘fair’ share of superannuation, real estate, bank deposits, stocks and shares, businesses and other assets. It will also assess other financial support such as child support and maintenance.
Please speak to one of our expert property settlement lawyers in Townsville, before you apply to court regarding property settlements or financial orders.
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