Property Settlement Solicitors in Toowoomba, Ipswich Brisbane & North Lakes
Money. It is one of the few things in life that can drive us to act crazy and in a way we never thought possible of ourselves. Especially when our financial security feels threatened in any way.
Now if we combine that fear with the natural feelings of anger, betrayal and sadness experienced at the breakdown of a relationship, along with the friend of a friend of a friend that ‘lost everything in the divorce and ‘got cleaned out’, we could end up with quite the situation.
Thankfully, despite its pitfalls our family law system is far more sophisticated, fair and reasonable then it is given credit for. With the right experienced family lawyer on your team, your property settlement can be a far more productive, swift and amicable process than you ever dreamed possible.
Property settlement deals with the financial dissolution of a relationship or marriage.
It takes into account all of the financial elements to be dealt with after separation including and not limited to:
- real property including the family home and investments;
- business interests;
- superannuation; and
- other assets such as vehicles.
How long is a piece of string?
There is no rule about the percentage division of property following separation and it would be a mistake to assume an outcome for your property settlement based on the experience of that friend of a friend of a friend or the popular myth that everything will be split 50/50.
Determining a fair and equitable division of assets in a family law property settlement follows a step-by-step process.
The first step is to gather all of the information to be able to:
- identify the value of each asset or interest;
- identify any debt attached to each asset or property interest; and then
- determine the net value of the property pool (also referred to as an asset pool).
These contributions and factors include:
- financial and non-financial contributions at all stages of the relationship, including parenting and homemaking contributions; as well as
- gifts, inheritances and financial assistance and support from family members.
This is where the more discretionary aspects come into play when consider things such as:
- length of the relationship;
- age and state of health of each party;
- income and financial resources of each party;
- physical and mental capacity for future employment;
- the care and needs of any children;
- eligibility for any benefits or superannuation;
- child support payments; and
- any other factors relevant to ensuring a just and equitable division of property.
Step 4 – Is the division just and equitable
Ultimately this means is the final deal fair. Is it realistic and achievable in a real dollar sense considering the value of the property pool; the contributions of each party; and the future needs of each party.
Our free, no obligation, online tool takes you step by step through the initial steps of this process. Get started now or contact our experienced family lawyers to seek some initial advice on your property settlement.