Looking for advice and assistance to maximise your property settlement?
With the right advice and assistance from Doray Legal, you can achieve the best possible outcome in your property settlement.
What is Involved in Property Settlement?
Property settlement refers to the division of assets and liabilities following the breakdown of a marriage or de facto relationship.
The assets can include owner-occupied homes, investment properties, motor vehicles, cash, shares, managed funds, superannuation (including self-managed superannuation), trusts, family businesses, partnership, companies, and inheritances while the liabilities can include mortgage loans, car loans, personal loans, credit and store cards, tax liabilities and business liabilities. The assets and liabilities can be held individually or jointly with the spouse or de facto partner or with a third party.
There are no fixed rules about what the percentage split should be in a property settlement. For example, it is a misconception that the wife will end up with 60% just because she is the primary carer of young children below 18 and earns less than the husband. Every case is as unique as the financial circumstances of each person, contributions made by each person, each person’s future financial needs and living and spend time arrangements for the children.
Property Settlement Process
The process of dividing the assets and liabilities includes:
- Identifying the assets and liabilities and establishing their values
- Assessing each party’s contribution financially, non-financially and as parent and homemaker
- Assessing each party’s financial needs in the future, taking into account matters like age, health, income earning ability, financial commitments, financial resources, care of children below the age of 18, care of adult children at TAFE or university or a child with a disability and other relevant circumstances
At the end of this process, a decision is made on how the assets and liabilities should be split so that the split is ‘just and equitable’.
Advice and Assistance with your Property Settlement
Whether you have already separated or not, Doray Legal can provide the advice and assistance you need. Going through a property settlement is an emotionally-charged process. It’s important that you have an experienced and sympathetic family lawyer advising and assisting you. We fully understand that you want to achieve the best possible outcome from your property settlement with minimal legal costs and we will work with you to achieve that.
We assist with:
- Advising you on the documents and information needed to work out your entitlement.
- Providing you with information and advice on what you should do when you are considering a separation or what you should do straight after your separation, so that you can maximise your entitlement
- Identifying the assets and liabilities to be considered in the property settlement and establishing their values
- Advising you on your entitlement and the steps to be taken to achieve your entitlement
- Representing you in negotiations. We always strive to achieve the best negotiated outcome
- Following an agreement, formalising the agreement under the Family Law legislation
- Representing you in Court if litigation is required.
If you have any questions about our property settlement services, call Doray Legal on (08) 9364 2588 or contact us for a consultation and enquire about our reduced fee for your first consultation.