PROPERTY SETTLEMENT LAWYERS
GOLD COAST & BEYOND
When your relationship ends, it is vital that you know your rights to secure your financial future and not leave any money on the table. You need to be fully aware of your entitlements based on the law that applies to your individual situation (using the four step process) and the best way to formalise your property settlement, whether it be a Binding Financial Agreement or by Consent Orders with the Court. There are a number of factors to consider when deciding your best options moving forward and we recommend that you speak to a member of our team to find out the best way forward in your circumstances.
If you are unsure whether you can afford to leave your partner or if you are scared at the prospect of losing the financial security you feel you have in your relationship, it is important that you seek legal advice to find out if you might be entitled to receive spousal maintenance or if you are eligible to apply for legal funding. There are a number of factors to consider when deciding your best options moving forward and we recommend that you speak to a member of our team to find out the most beneficial way forward in your circumstances.
PROPERTY SETTLEMENTS
FINANCES & DIVISION OF ASSETS
Whether you are yet to separate or have already separated from your partner or spouse, determining the terms of your financial settlement should be of primary importance. By taking steps to begin negotiations early you can avoid the common issue of your asset pool reducing over time, before an agreement is reached.
Looking for specific information about your needs right now? Click on the most relevant area for you.
WHAT WILL HAPPEN FINANCIALLY IF WE SEPARATE?
Clients come to us from one of 2 perspectives – they’re either concerned about what they might lose as a result of separation, or they are concerned that they might not be able to leave their relationship in the first place.
If you’re concerned by the horror stories you’ve heard, for example people being drained of everything by their ex, then it’s important to know that there are options available to you if you are yet to separate.
By seeking legal advice as early as possible you can take steps to ensure you are making informed decisions that will assist you in achieving your best outcome. To arrange a time to meet with one of our experienced lawyers and get clarity about your next steps, book a consultation with us here.
In our first meeting we will talk you through the four step process, let you know what your entitlements are, and give you our advice about your options moving forward. We will also answer any questions you may have so that you fully understand your options.
For some people, there is a real fear of not knowing how they will manage financially if they leave their partner or how they will afford to pay for their legal expenses. These are very real and valid fears for many of our clients and we have experience in helping our clients with their short term financial solutions until their family law matter is finalised.
It is best to meet with us to find out exactly what you might be entitled to receive from your spouse and to find out your options for legal funding – this information will empower you to make the best decisions moving forward without fear of the legal costs or worrying that you can’t afford to leave. To organise a time to meet with one of our team, click here.
In our first meeting we will discuss whether you might be entitled to spousal maintenance, how you go about applying for it, how much you’re likely to receive and for how long you’re likely to receive it. If paying your legal fees is problematic, we will also let you know what options you have to assist you along the way.
If you have already come to an agreement with your former partner or spouse, the first step is for us to look at the terms of your agreement. We determine whether it is ‘just and equitable’ (or fair and reasonable) for there to be an alteration of each person’s interests in property. The answer is usually ‘yes’, which then requires a consideration of what we call the Four Step Process.
Step 1
The first step is to figure out what is in the property pool. We include all of your assets and liabilities, whether they’re held in joint names or in one party’s name. Superannuation is an often-overlooked asset. It is in the pool.
Step 2
Next, we look at who contributed what to the asset pool, before and during the relationship, and post-separation. We look at financial contributions, non-financial contributions and contributions as the parent and homemaker.
If all of the information we need has been provided, then we can express each party’s contribution as a percentage – sometimes it’s 50% / 50%, sometimes it’s 70% / 30% – this is something we use our experience to determine on a case by case basis. However, this is not the final split.
Step 3
We then look at the future needs of both parties – age, state of health, care of children and earning capacity. At this step, we consider whether we need to adjust the previous percentage on the basis that one party might struggle more than the other moving forward.
Step 4
The fourth step of the process is to consider whether, in the circumstances of your case, the outcome we’ve reached is ‘just and equitable’, from a family law perspective. This may mean that the distribution you each receive is not the same – it is important to remember that a fair split does not always mean equal amounts.
WE'RE IN AGREEMENT. WHAT'S NEXT?
You and your partner may have come to an agreement about how you want to divide up your assets following your separation, but you may not know what you need to do to properly document and formalise the agreement.
From our experience working with separating couples, we know that you may think you have an agreement that can easily be documented, however, it is important that you consider your options in deciding what form the agreement should take.
We can meet with you to review the agreement you have reached and advise you whether it is ‘fair” by using the four step process (to learn more about the four step process click here). In circumstances where the parties are happy with their agreement and it is assessed as being fair, then it may be your best option to apply for a property settlement in the Court by way of Consent Orders.
In some instances, separating couples might reach an agreement that they are both satisfied with and eager to formalise, but the agreement may be considered to not be fair after an assessment using the four step process. In these circumstances, you may want to consider formalising your agreement by way of a Binding Financial Agreement which allows you and your ex partner to set out the terms of your property settlement in the way that you choose, regardless of whether it is ‘fair’.
A Binding Financial Agreement is a highly specialised document and it is important that you get legal advice to make sure you fully understand the terms and implications of the agreement. To book an appointment to meet with us to discuss your agreement and whether a Binding Financial Agreement is right for you, click here.
WE CANNOT REACH AN AGREEMENT. WHAT NOW?
It is common for separating couples to not be able to come to an agreement about how their property pool should be divided.
There are many possible reasons that you may not be able to come to an agreement with your partner on your own, for example:
- You may not be able to agree on the value of your assets.
- You and your ex may not be able to agree on what property you actually have.
- You may both want the same thing and neither party is willing to budge.
- Your financial affairs may be complex, making it difficult to come to an agreement on your own.
These are only some of the scenarios we help people work through to try and come to an agreement about their property settlement. It’s okay if you can’t come to an agreement on your own, as we are here to help you through the process to secure your entitlements. By getting our help to work through the issues you might be experiencing with your ex, we can help you to come to an agreement. There are a few ways that property disputes can be resolved and it is usually preferable to try and negotiate with your ex partner to resolve any disputes you might be stuck on. In some cases, it might be necessary to attend mediation, or if all else fails, proceed to Court.
Knowing what to do when you can’t agree can be overwhelming and it can be difficult knowing where to start or who to turn to. If you cannot come to an agreement about your property settlement, it is always best to seek legal advice as soon as you are able so that we can take steps to protect your entitlements. To meet with one of our team to discuss your personal situation and get our guidance about your options, book a consultation with us here.
family law serviceS
Click on an icon below to be taken to the pages most relevant to your needs.
PRENUPTIAL AGREEMENTS
DIVORCE
CHILD CUSTODY