Property Settlement

Working out how property should be divided after the breakdown of your relationship can be extremely stressful. It is usually fair if some division of assets occurs. What is fair depends upon a number of factors and circumstances.

When a married or de facto couple separate, it is important to identify the property and correctly value it. Property includes both assets and liabilities. Broadly speaking, assets are the things you own and liabilities are the debts you have.

You must consider the financial and non-financial contributions that each party has made during the relationship. Financial contributions include the property brought into the relationship, any gifts and inheritances received, and money paid towards buying a house or paying a mortgage. Non-financial contributions include being the homemaker or primary carer to any children, repair and maintenance work on the family home, and assistance with establishing or running a family business.

You must also consider your and your former partner’s future needs. For this reason, you may need to adjust the division of property in certain circumstances. These include if one partner is older, ill, or does not have the same earning potential as the other. You will also need to think about which parent any children of the relationship will live with.

Our family lawyers will assist with getting the best possible outcome for you and any children you may have. We will try to keep you out of court by assisting you to reach an amicable outcome with your former spouse, saving you needless expense and further emotional strain. If you and your former partner are unable to come to a favourable agreement, we can also assist you with any court processes. We will clearly explain the requirements and provide sound advice throughout the entire separation process.