Property Settlement is an agreement that sets out the legal division of you and your partner’s assets following a separation or divorce, such as the matrimonial home, superannuation and investment properties.
Property Settlement is an agreement that sets out the legal division of assets between couples following a separation or divorce.
In an Australian family law context, an asset is any tangible or intangible property of the relationship in either name that is considered to have value, minus any liabilities and debts.
Common assets that can be subject to a property split, include:
- The matrimonial property
- Any investment properties
- Cash in the bank
- Shares or investments in businesses or companies
- Vehicles and Boats
In many cases, separated couples can settle property matters and reach agreement about the division of assets with the help of family lawyers.
If an agreement as to property settlement cannot be reached, generally formal legal proceedings are the next option. In this case, separated couples will need to file an application for property settlement in the appropriate Court.
Applications for property settlement must be made within twelve months of a divorce becoming final and within two years of a de facto relationship breaking down.
At Corish & Co we are committed to helping you settle property matters quickly and effectively outside of court by using alternative dispute resolution processes such as mediation.
We act as an independent third party and assist you and your partner to have confidential settlement negotiations and guide you towards a mutually acceptable resolution of property matters.
Once an agreement is reached, formal Consent Orders can be made to ensure the agreement is legally binding and enforceable.
The Steps Involved in an Application for Property Settlement
There is a clearly defined process that you and your partner will need to go through when making an application for property settlement, which involves:
- gathering the necessary information and documents to establish and value the asset pool, liabilities and financial resources;
- assessing the direct and indirect financial and non-financial contributions to the property the past and considering the parties’ future needs;
- considering any adjustment of the future financial needs of the parties that relate to age, state of health, care of children and gaps in income and earning capacity; and
- making an overall assessment of what is just and equitable.
Contact us to discuss how we can assist you effectively resolve your property settlement matter.