Property Settlements
Author:
Andersons Solicitors
Publish Date: November 20, 2008
The division of assets after a relationship breakup is a complex matter, often made more difficult by the emotions involved. Andersons' family lawyers are acknowledged experts in their field and can assist you with sensitive, timely advice to enable you to achieve optimal results from your property settlement.
A "property settlement" is the division of the property of each partner to a relationship, or their joint property, consequent on the termination of the relationship.
Under the Family Law Act, the obligation to undertake a property settlement applies in relation to every marriage break up. A property settlement can occur before or after divorce but must be finalized within 12 months after a final divorce decree is issued.
State legislation also provides for property settlements within 12 months after the dissolution of a non marital "domestic partnership". A domestic partnership arises where a couple (regardless of their sex) has lived together on a genuine domestic basis for three years, or for a total of three out of four years, or has a child together.
The complexity of your property settlement depends to a large degree on what property is involved. While property settlements usually involve a house, home contents, bank accounts, vehicles, shares or superannuation they may also involve operating businesses, partnerships or farms, insurance policies, rights to sue, entitlements as a beneficiary of a trust or will, or leave entitlements.
A property settlement must divide property in a way that is just and equitable in all the circumstances, considering the contribution each person has made to the property and each party's future needs.
Contributions may be financial or non financial. For example, one party may contribute money to the renovation of the family home while the other directly works on the home. Contributions may also be direct or indirect: a partner that stays home to keep house or look after children so that the other partner can go out and earn money makes an indirect contribution to those earnings.
A person's future needs will be determined taking into account all factors such as earning capacity, health or age, the need to support children (including children from another partnership) or other financial responsibilities such as support of another partner.
While there are no set rules about how property is to be divided and no two cases are the same, Andersons' family lawyers use their expertise and experience to support our clients with the aim of establishing a mutual agreed property arrangement, avoiding lengthy court proceedings which may cost thousands of dollars.
If you are unable to reach an agreed settlement, Andersons are also experienced in contested proceedings and maintain relationships with the best family law barristers.
The position at the end of a relationship can be simplified if the parties have entered into a pre nuptial or domestic partnership agreement. If you are intending to marry and have existing assets which should specially treated if the relationship comes to an end, or if you and your domestic partner agree to make special arrangements at any stage of a domestic partnership, Andersons can help you create an agreement to suit your circumstances.
Andersons maintain offices in city and suburban Adelaide and in Mount Gambier, Murray Bridge, Port Lincoln and Victor Harbor. Please call Andersons on 1800 653 655 to arrange an initial consultation with one of our team of family law experts.
