If you are planning to separate, or are separated, get legal advice now from our family lawyers about how you should divide the property pool. Don’t delay. Good advice can result in vastly better outcomes as you are then able to plan and negotiate according to what is in your best interests.
We have experienced, dedicated and trusted family lawyers. We are able to offer the services of an Accredited Specialist in Family Law and also an Accredited Specialist in Business Law, Queensland. This is a unique offering and provides better outcomes to family law clients particularly those with business interests forming part of the property pool.
Don’t represent yourself and certainly don’t rely on your former partner to do the right thing or to give you a fair deal. Get legal advice and use our family lawyers to negotiate a fair and reasonable split of the property pool.
Our family lawyers and Property Settlements
You don’t need to wait 12 months after separation in order to finalise your property settlement. Property settlements can be finalised prior to or immediately after separation unlike divorce. There is a time limit though that applies to the making of a property settlement application. The time limit starts when your divorce certificate issues and expires 12 months thereafter. You should therefore seek legal advice from our family lawyers about your property settlement before your divorce is finalised.
Understanding how a property settlement occurs is a complex issue. However, our family lawyers can assist you with understanding this by referring to a formula and calling on their own experience with it:
- Assets and Liabilities. This is the most obvious step – what exactly are we dividing? Here consideration is given to the real property and its value, vehicles, boats, businesses/companies, jewellery, savings, superannuation entitlements, other assets as well as mortgages, loans, credit cards, and the like at the time of commencing the property settlement. This becomes the ‘property pool’ and is what is up for division amongst the parties.
- Contributions. Once the property pool has been ascertained, then consideration is given to the contributions both parties have made at the commencement of the relationship, throughout the relationship, and since the parties have separated. This can include any property that either party brought into the relationship, who took care of the children (if any) and carried out most of the domestic duties, whether any gifts or inheritances were received, and who is continuing to make mortgage repayments and the like since separation had occurred.
- Future Needs. Consideration is given to the future needs of each party, such as health needs, income earning capacity, who has care of the children and whether those children have special needs.
- Just and Equitable. After considering points 2 and 3, what would be the most just and equitable outcome for both parties by deciding what percentage of the property pool each party should retain. The assets and liabilities are then split according to those percentages.
Call us today for an initial consultation with an experienced family lawyer. Make no mistake, we value you as a client and we want to provide you with a dedicated, trusted and effective family law legal service. Our family law team will provide you with clear and timely legal advice while ensuring your legal interests and rights are protected.