When couples separate or get a divorce, they also have to make arrangements for the settlement of their property and finances. Borchard and Moore provide assistance in settling your property in the most prompt and simplest manner as possible. With long years of experience, you can be sure that the right lawyers are there to guide you in the settlement of your liabilities and in the division of your property.
What is property?
In Family Law, the property includes, but not limited to, cash, real estate, family business, trust, investments, superannuation as well as debts and liabilities of the relationship or marriage.
When can property settlement be made?
A property settlement can be done upon separation of a couple. For married couples, getting a divorce is not a pre-requisite before arrangements for the division of assets and settlement of liabilities can be made.
Is there a period after separation or divorce within which property settlement should be made?
For married couples, it is best to work out a property settlement or to apply to court before applying for a divorce. Once your divorce is granted, you only have 12 months from that date within which to resolve your property settlement or to commence court proceedings for property orders.
On the other hand, de facto couples have two years from the date of separation within which to work out a property settlement.
How is property divided?
For purposes of distribution of the assets after separation or divorce, all family properties will be included. While an informal agreement can be made between you and your ex, the legal requirements for property settlement should be observed. Otherwise, you may be surprised by a subsequent claim for a further share of the property by your ex.
What should be done if you're not able to agree on the division of your property?
Both of you should obtain independent and expert legal advice to help you negotiate with your ex. If negotiations failed, an application to court for property settlement orders may be made. Note must be taken that you only have 12 months from the date your divorce has become final to finalise a property settlement or to apply for property adjustment orders.
What are the factors considered in the property settlement?
The following are determined for you and your ex:
• roles performed during the relationship or marriage
• contributions made during the relationship or marriage
• possible future needs
• presence of children below 18 years of age and their primary carer
• age, state of health and earning capacities.
What is 'full and frank disclosure'?
During the property settlement, you and your ex must both disclose all properties that will be included in the distribution. There is a huge possibility that concealment or unreasonable spending of large sums of money or destruction of property in an attempt to reduce the share your ex will get may backfire. Worse, the value of the property that you concealed or unreasonably spent may be deducted from the share that you will receive in the distribution.
Email or call us now on (03) 9546 8155 to get expert legal advice and representation.