Dealing with assets and finances can be one of the most stressful aspects of going through a separation or divorce. We help you understand your legal rights and obligations to secure your financial future. We’ll lead you through the intricacies of family law property and financial settlements to allow you to uncouple legally and financially. Our award-winning experts will empower you to develop an action plan to give you peace of mind and reform your life.
Understanding property and financial settlements
When couples separate, they typically need to divide up the assets, liabilities, superannuation, and financial resources between them. In simple terms, it is deciding ‘who gets what’ after the break-up. The process is the same for married and de facto couples.
You or your partner can initiate a property settlement as soon as the relationship ends, and you have decided to part ways.
A ‘property settlement’ (also known as ‘financial settlement’) can be straightforward or it can be complicated. There is no standard approach taken for everyone. We will guide you through the legal framework and explain what it means for you. We will help you to tailor a property settlement to address your needs and objectives, so you can regain clarity and control of your future.
The recent Family Law Amendment Act brings important changes to how courts handle property settlements after separation, including by requiring consideration of family violence in property division at the end of a marriage or de facto relationship. Read more here.
Key steps in the settlement process
- Identify assets and liabilities: Begin by doing an audit of all the assets, liabilities and financial resources owned by both of you and your partner to create a list of the relationship pool of assets. The list should identify the value of each item, and if this is not known or there are differences of opinion, further investigations or valuations may need to be done.
- Assessment of contributions: A property settlement considers monetary and non-monetary contributions to the relationship by each member of the couple. Evaluate the contributions made by each of you to the relationship pool of property.
- Future needs considerations: Consider each party's future financial needs. This includes taking into account factors such as age, health, income-earning ability, existence of financial resources outside the relationship property pool, and the future care of children.
- Just and equitable division: Based on the results of the above steps, work out how the individual items within the property pool should be retained, transferred or sold by you and your partner to cause a just and equitable distribution between you both.
Sounds simple enough, right? Things can become sticky quickly though, especially if your financial situation is more complicated because of businesses, companies, family trusts or where it involves other third parties. Additionally, it can be challenging to set emotions aside when working through the steps above.
Wherever possible, an ‘out-of-Court’ negotiated settlement is recommended, to minimise stress and legal costs. This can be formalised through ‘Consent Orders’ or a ‘Binding Financial Agreement.’
Navigating the legal landscape
If negotiations are unsuccessful or not appropriate in your situation, we are confident and experienced advocates with expertise to represent you through the Court process. Our legal team leverages their extensive knowledge, experience and strategic thinking to protect your interests at every turn. We’ll help you understand the risks and rewards of decisions you need to make when in a Court process.
Understanding your rights and options is the first step towards achieving a fair and equitable financial settlement. Contact Parker Coles Curtis today to schedule a consultation. Let us help you navigate the complexities of property and financial settlements, ensuring a secure and positive future for you and your loved ones.
Why work with us?
- Expert guidance: our legal team specialises in family law, ensuring you receive knowledgeable and tailored advice.
- Award-winning representation: voted Canberra's Best Family Law Firm in 2023, we are committed to excellence in every case we undertake.
- Client-centred approach: we prioritise your needs and goals, offering compassionate support and clear communication throughout your case.
Secure your financial future
Understanding your rights and options is the first step towards achieving a fair and equitable financial settlement. Contact Parker Coles Curtis today to schedule a consultation. Let us help you navigate the complexities of property and financial settlements, ensuring a secure and prosperous future for you and your loved ones.
