Property Settlements
Focusing on your future
Property settlement arrangements include the division of assets, liabilities, and superannuation stemming out of both marriage or a de facto relationship.
A property settlement is separate from a divorce. You don’t need to be legally divorced to proceed with the division of property assets and you don’t need to be separated in the case of a de facto couple’s relationship.
There may be, however, time restrictions you will need to consider when carrying out a property settlement, e.g you have a 12 month limitation period after a divorce order has been made to organise a financial agreement and a two (2) year limitation period for de facto couples who separate to organise a property settlement.
Separating from the person you thought you would spend the rest of your life with, can be emotionally taxing. Whilst you may feel like it’s easier to simply walk away at times, KMJ Family Law remains focused on your future, ensuring you received solid advice to make informed decisions.
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Frequently Asked Questions
After clearly identifying and valuing the pool of assets, liabilities, and financial resources to be divided, the considerations in a family law property settlement are primarily around contributions and future needs:
- What were the financial and non-financial contributions to the acquisition, maintenance, and improvements to property accumulated during the relationship;
- In what ways did each party contribute to the care and welfare of the family, including contributions as homemaker and parent;
- Will there be any disparities in the future, such as in each party’s income and ongoing responsibility for the care of the children.
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