Separating from a partner can be really difficult and it has the potential to become more challenging when your assets have to be divided. The assets can be comprised of real property, personal property and debts.
To make sure you are helping yourself to get the best possible outcome, stay informed of the various ways division is undertaken.
Firstly, you and your partner can agree on how your property will be divided without any court involvement. If you and your partner do reach an arrangement that suits the both of you, the next step would be to formalise your agreement by applying for consent orders in the Family Court.
Whilst this would be the most beneficial for both parties, it is evident that this is easier said than done.
Therefore, if you and your partner cannot reach an agreement, you can apply to the court for Financial Orders. These Orders are binding and allow the court to order a person to pay money to another person by a certain time, transfer or sell property, and sign documents.
In this case, it should be stressed to any newly divorced or separated person, that the outcome will rarely be an even split of the assets as the court takes a number of factors into consideration when dividing property. However, the Family Law Act 1975 requires orders for a just and equitable division of assets.
The division process will ordinarily involve a number of steps:
- Identify and value all assets and liabilities including superannuation and money held in trusts.
- Assess the various contributions made by both parties. This will include financial contributions, contributions as a parent and contributions as a homemaker.
- After taking the above into account, the court will adjust for any future needs of the parties such as the care of a child or differences in income, age and health.
If you have found yourself in the position where the above facts are important, it is time to consider legal support. The area of divorce and property settlement is a minefield no one could expect you to go through on your own.
If you are struggling with the process of property settlement following a divorce, please do not hesitate to call Freedman & Gopalan Solicitors for legal advice on 02 8917 8700 and let us guide you through it.