Property and Financial Settlements

If you are thinking about a separation, or have already separated, contact us for advice about your rights and entitlements before agreeing to a financial settlement.  Don’t get stuck with an agreement which is unfair or unlawful.

Our specialist team can assist with the complete suite of financial matters including:

  • The family home.
  • Investment properties and shareholdings.
  • Trust, company and partnership structures.
  • Rural and farming properties. 
  • Superannuation and Self Managed Superannuation Funds (SMSF). 
  • Debt – personal, investment or business.
keys to a property

There are many issues to consider with property and financial settlements, including:

  • Decisions will need to be made about who will keep the home or whether it will need to be sold.  If sold, how will the proceeds be shared.
  • As part of any property settlement consideration needs to be given to any taxation consequences of retaining or selling any asset.  We can provide options and answers.
  • If you or your partner are involved in a business, partnership or company it may be necessary to have that business valued.  In determining who will retain the asset, we can ensure that steps are taken to properly remove exiting partners from ongoing involvement in the entity and ensuring they are protected against any future liabilities of the entity.
  • Superannuation may be split between you and your partner. Or one of you may keep more of the superannuation and the other may keep more of other assets.  We can help you explore the best options for you.

We will also consider each partners’

  • Contributions during the relationship (both financial and non-financial)
  • Future needs, including ongoing care of children or other people, earning capacity and other financial resources that may be available.

We can guide you in your discussions with your partner and assist you to reach an agreement about a financial settlement. After obtaining some initial advice, you may choose to have direct discussions with your partner to try to reach an agreement, or you might prefer us to negotiate with your partner or their lawyer on your behalf. We will talk to you about the best way of achieving an agreement in your particular situation and will offer you reasonable and realistic expectations.

Once an agreement is reached we will prepare the documents needed to finalise the property settlement so that you are protected from unforeseen liabilities or further claims from your partner in the future.

In most circumstances, we work very hard to resolve all matters by agreement wherever possible. This minimises the cost to you (both financially and emotionally) and often gives you more control over the outcome. Unfortunately, sometimes it is not possible, or appropriate, to reach agreement this way – perhaps because your partner takes an unrealistic position, refuses to negotiate or threatens to destroy or dispose of assets. In these circumstances, Family Court proceedings may be necessary. Our team has the skills and experience to represent you in the Family Court, we are strong advocates and will not shy way from achieving your best outcome.

FAQ: How do I know what I am entitled to financially?

 

Unfortunately, family law solicitors often see new clients who have agreed to a financial settlement with their partner which does not reflect a reasonable or equitable division of the family’s assets.  Sometimes parties are coerced into agreement because they believe ‘50/50 is fair’ or because one party was the ‘bread winner’ and one the ‘home maker’ and divide things accordingly.  This is not how family law solicitors or the Family Court would view family assets.

There is no exact formula used when dividing property as each case is unique. An automatic 50/50 split should not be assumed.

We understand that dealing with financial matters during such an emotional time can be difficult and confusing. Whilst it may seem easier to resolve these issues as quickly as possible, you should also be aware that most property settlements are final. Prior to making any decisions, we suggest talking to one of our team of family law specialists who will answer any questions you may have and advise you of the best options available.

 

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