Property Settlements
We work to finalise your property settlement sooner, so you can move on with your life sooner
When marriages or de facto relationships breakdown, there is often property such as houses, savings, investments, businesses and superannuation that needs to be divided.
One of the most difficult areas of separation and divorce is reaching agreement on the separation of property – or deciding who will get what. All too often people make the assumption that things will automatically be split 50/50 or that they’ll get x, y and z – because that’s what ‘normally’ happens. The reality is that every situation is unique and every property settlement is different.
As with most matters, where appropriate we encourage our clients to reach agreement and resolve matters through mediation and negotiation. As well as being accredited mediators, we’re also very strong negotiators and have the experience and knowledge you need to achieve the best possible outcome, while avoiding crippling legal costs.
Over the years we’ve represented clients in high profile and complex property settlements, including same sex de facto relationships.
What is a property settlement?
A property settlement is a legally binding document that documents who gets what, when a married or de facto couple separates or gets divorced. It can cover almost anything and everything that is owned by the couple – from the family home, to investment properties, cars, white goods, superannuation, shares and investments, right through to artworks and sentimental items and even future inheritances.
In the case of divorce, you need to commence property proceedings or file a settlement agreement with the courts within 12 months to avoid the possibility of a ‘claim out of time’ being made. A ‘claim out of time’ can also apply to de facto couples who do not finalise a property settlement within 2 years of separating. If you do not complete your settlement or file with the courts within these time limits you will need to demonstrate hardship in order to have the matter heard by the court at some stage in the future.
Why it’s important to have your property settlement documented
Technically you don’t have to have your property settlement documented. You and your ex can simply divide your assets as you see fit. But, there are dangers in doing this… This is because if your property settlement isn’t documented, there’s always the potential for you, or your partner, to change your mind down the track and take the other one to court to alter the arrangement. This happens a lot more than you would expect and can often occur when one party receives an inheritance or a financial windfall. That’s why it makes sense to ensure your property settlement is legally documented.
