Property Settlement Services at Curtis Family Law
Dividing assets, liabilities, and superannuation is a crucial step in finalising relationships post-breakdown. We have extensive experience in navigating property settlement cases involving complex corporate structures, trusts, and self-managed superannuation funds.
We aim to resolve property matters without the need to go to Court whenever possible, aiming for an amicable resolution. In the event litigation becomes necessary, Curtis Family Law ensures dedicated representation, advocating fiercely for the optimal property settlement outcome on your behalf.
It is important to note that you don't need to be divorced to begin a property settlement for married couples.
Time Limits
Understanding time limits is crucial when considering a property settlement through the Court. If you and your former partner fail to reach an agreement and need court intervention, adhering to these time limits is imperative. For divorced couples, application must be made within 12 months post-divorce, while de facto partners must apply within 24 months post-separation. The time limits encourage timely negotiation and settlement outside of court proceedings. If you are outside of the time limit, contact us to discuss your options.
What are the assets, liabilities and superannuation in a property settlement?
Property means assets owned jointly by both parties and owned by one party only. It also includes holdings in party-owned companies, and assets held in trusts managed by either party. It encompasses a wide range of assets such as real estate properties, vehicles, bank account funds, investments, crypto-currency, businesses, superannuation entitlements, and accrued long service leave.
How is the property settlement decided?
There are a number of considerations involved in deciding on a property settlement, these include:
Property Pool
The initial step requires both parties to disclose all financial information to the other party; this is called Disclosure. This process ensures transparency, allowing both parties to understand the entirety of assets within the property pool eligible for distribution. After exchanging disclosure information, the parties will need to mutually agree on the value of the assets, liabilities, and superannuation values within the property pool. In cases of disagreement, engaging an expert valuer becomes necessary to ascertain accurate values.
Contributions
Once the property pool is determined, the parties will need to assess their contributions both during the relationship and after its breakdown. Contributions include a number of different categories including:
Direct Financial Contributions: which means assessing what assets, liabilities and superannuation you had when you started the relationship, as well as your wages and salaries during the relationship.
Indirect Financial Contributions: which means if you received money throughout the relationship such as a gift from a family member or an inheritance.
Non-Financial Contributions to property, such as renovations to a home, management of investments, or running a business.
Contributions to the welfare of the family, such as caring for children, doing housework, and managing the household.
Future Needs
The Court will also consider the future needs of both parties, including factors such as age, health, financial resources, child care responsibilities, and earning capacity.
Just & Equitable
Lastly, the court will need to consider whether the final outcome is just and equitable. The courts carefully assess the practical implications of the proposed property settlement, making necessary adjustments to ensure its perceived fairness and equity in light of all circumstances.
Mediation in Property Settlements
If you and your partner cannot agree on your property settlement, you should attend a mediation with a skilled mediator to assist you reaching an agreement. A skilled mediator remains neutral and will not favour either side or determine who is right or wrong in the conflict. Instead, they will work with both parties, as well as your lawyers, to reach a mutually acceptable resolution.
If you and your former partner have not attended mediation before filing in Court, the Court will order for you to participate in mediation before proceeding with your case.
Agreement in Property Settlements
If you and your ex-partner have come to an agreement either independently or through mediation and wish to formalise it, Curtis Family Law provides a fixed-fee service for property settlement agreements. We begin with an initial consultation to confirm eligibility, priced at $165.