Do I have to be divorced to split the property?
As soon as you have separated you can make arrangements to split your property and debts between you and your ex-partner, you do not have to wait until you are divorced.
Do we have to go to Court?
No, not at all. If you have already agreed on how things should be divided between you, your lawyer can draw up the document which will finalise the arrangements, and then get underway the legal processes which will split the assets.
What if we can’t agree?
There are options available to you that don’t involve court. Negotiation, Mediation and Collaborative Practice are some of them.
If you have to go to court then an application for property orders must be filed with the Family Court or Federal Magistrates Court. This application must be made within 12 months of your divorce becoming final.
The matter will be set down for hearing and a legally binding decision will be made by the court.
How does the court decide?
Firstly the court will calculate the total assets owned by both parties, including property, shares, cars, jewellery, savings, furniture etc. This includes things you brought into the relationship, those acquired during the relationship and also those purchased after separation.
Next, the court will weigh up the contributions from both parties, including financial, non-financial, inheritances and assets brought into the relationship.
Then the court will look at the future needs of both parties, including factors such as your capacity to earn money and your parental responsibilities.
Lastly, the court will make a decision based on what is just and equitable to both of you.
We can help
Dealing with the complexities of property settlement is stressful but the consequences of not doing it properly can impact on the rest of your life.
Contact us to organise a free 15 minute consultation with Andrew.