Property Settlements

Following a separation, it is important that you understand your rights under the Family Law Act 1975 in relation to the division of your finances, assets, liabilities, and superannuation. Even if you have agreed to the division of your property, it is important to formalise the agreement by way of a Consent Order or Financial Agreement, or the agreement will not be legally binding, and your former partner can make a further claim against you in the future. A document that is signed by both of you is not legally binding unless it has been either sealed by the Court (in the correct form) or signed off by a lawyer. Court Orders or Financial Agreements can be formalised before, during, or after separation/divorce.

An important first step is understanding your rights, interests, and entitlements. There is a general 5 step process that is considered when determining the division of property, including:

• Step 1 – Consider if it is just and equitable for there to be a property adjustment. At Hamilton Thomas Lawyers we can advise you if a property settlement would be considered just and equitable in your circumstances.

• Step 2 – Determine the asset pool. This involves the exchange of financial information and documents and agreeing on the values of property. In the event of a dispute, formal valuations are sometimes required.

• Step 3 – Consider the contributions to the relationship or marriage. These can include financial contributions and non-financial contributions such as contributions to the household, family and things such as improvements to property by way of renovations.

• Step 4 – Consider the future needs of both parties. This includes considering the age and health of each party; the prospect of future gainful employment, income and earning capacity of each party; and whether each party has an obligation to support a child/children of the marriage or relationship.

• Step 5 – The final step is to consider the overall percentage adjustments and determine whether the split is just and equitable in the circumstances of your matter.

Arrangements to finalise all property matters can be made at any time. It is important to note that in the event you obtain a divorce order from the Federal Circuit and Family Court, an application seeking Orders for the division of property must be made within twelve (12) months of the divorce date. Regarding de-facto relationships, you have twenty-four (24) months to apply to the Court for a property settlement after separation. There are circumstances where you may be able to apply for a settlement past these timeframes, however, legal advice should be obtained.

At Hamilton Thomas Lawyers, Bentleigh East we are committed to ensuring you receive the best possible financial settlement. We aim to resolve your matter as quickly and as amicably as possible. We aim to resolve your property settlement out of Court, through negotiation, however, where necessary, we have extensive experience dealing with matters at Court.

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