Property settlements: are you unsure about the actual process involved?
Below is a simple breakdown of the steps.
- Identifying Assets and Liabilities: The first step involves compiling a complete list of assets, liabilities, and financial resources. This includes properties, bank accounts, investments, vehicles, debts, and more.
- Assessing Contributions: The Court evaluates both parties’ contributions throughout the relationship, including financial, non-financial, and contributions made after separation.
- Future Needs Evaluation: Future needs are meticulously evaluated, considering factors such as age, health, income, ability to work, parental responsibilities, and more.
- Adjustment for Fairness: The Court may make adjustments based on future needs to ensure an equitable outcome. For example, a party responsible for the care of young children may receive a more substantial share to accommodate childcare costs.
- Finalising the Agreement: Once an agreement is reached or determined by the Court, it is formalized through Consent Orders or a Binding Financial Agreement. This legally binds both parties to the agreed-upon terms.
Seeking Legal Advice and Mediation
Property settlements can be complex and emotionally charged. It is advisable for parties to seek legal advice from an experienced family lawyer. Mediation is often pursued as a means of resolving disputes amicably and avoiding the stress and expense of Court proceedings.
Property settlements in Australian family law are centred around the principles of fairness, contributions, and future needs. The process aims to ensure that both parties can move forward after the breakdown of a relationship with a reasonable share of assets and financial resources.
While legal frameworks provide guidance, each case is unique, and seeking professional legal advice is essential to navigate the complexities of property settlement in the Australian context.