Divorce Property Settlement Lawyers Sydney
Property settlement after separation is a significant consideration and important process for any former couple.
The term refers to the division of property and assets belonging to a couple. Given these typically accrue over the course of a relationship and often represent key milestones, compiling and assessing the list can be a triggering process. For this reason, we strongly recommend a property settlement lawyer's caring but objective involvement.
Indeed, even if your separation is amicable, your situation can be complex and require a legal representative.
Assets considered within a property settlement agreement.
The term ‘property’ encapsulates a broad range of assets in the asset pool. For example:
The family home (includes existing home loan mortgage)
Investment properties
Bank accounts
Cash
Home furniture, artwork, equipment
Vehicles
Businesses
Inheritances
Family trusts
Debts & loans (includes credit cards)
Property settlement law & superannuation
Superannuation is considered in a divorce property settlement. Given its unique complexities, superannuation is treated differently from other assets. Superannuation interests can be valued, and payments split between the divorcing couple. However, accessing these funds before retirement or converting the interest to cash is unlikely as the usual superannuation laws and conditions for release still apply.
Legal time limits for property settlement after divorce
Time is ticking when finalising these details. For married couples, the deadline for a property settlement application or a spousal maintenance application is 12 months after a divorce order comes into effect. For de facto couples, the period is 2 years from the date of separation (the ambiguity surrounding this can lead to a complex family law case).
Achieving a fair property settlement
Whether going through a formal Court process or not, separated couples are expected to achieve a fair and reasonable outcome. The Court considers the following factors when making such an assessment.
Financial contributions made by each party throughout the relationship. These can be direct (such as salary contributions) or indirect (such as inheritance).
Non-financial contributions such as childcare.
Asset value minus accumulated depreciation and debts.
Each party’s future needs (influenced by health, age, responsibilities, earning potential).
Our divorce property settlement Sydney services.
Family Court representation
Wherever possible, we encourage negotiation over litigation. Going to Court can be financially and emotionally taxing. However, if that is the only option pursuable, then rest assured our exceptional property settlement lawyers in Sydney will represent you.
If the settlement of property is amicable and you can avoid the Courts, you have three options (one of which we do not recommend for reasons outlined below).
Financial agreement
This document details how both parties agree to divvy the property and assets. Although Court approval is not required, independent legal advice before signing (and ideally for the drafting process) is necessary.
Consent order
This document is similar to a financial agreement, however, it becomes fully enforceable by the Court. Importantly, Court consent is not automatic as the Court needs to be satisfied that not only the agreement is just and equitable but also that it is enforceable and therefore a family lawyer is required.
Informal agreement
This is an agreement between both parties that involves no legal representation and is not legally binding or enforceable. Therefore the decision to proceed with an informal agreement should be made with caution as it may leave you open for your former partner to renege on the agreement and make a further claim in the future. As such, we do not recommend this option.
Why Espino property divorce settlement lawyers?
Espino Law Founder, Kateryna, has a Master's Degree in Family Law. Her experience, knowledge and skills are second to none.
A separation or divorce can be an upsetting, challenging time. We strive to achieve results quickly so you can move on.
This can also be an overwhelming process as you navigate the legal system and its jargon. We break it all down, map it all out and support you every step of the way.
We can work with other specialist professionals you may need to represent you, such as realtors, tax experts, accountants, and psychologists.
Should you require representation in other Family Law matters, we are here to assist.
Contact our complex family matters law firm.
Dividing property for divorcing partners can be done in a way that minimises anxiety and trauma. For the best representation, contact our experienced team today.
Call our lawyers on 1300 377 466 or complete a quick questionnaire to help with your enquiry.