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Property Settlement Lawyers

Our Property Settlement Lawyers Are Here To Guide You Through Separation Or Divorce

After divorce, most people are concerned about protecting their assets. Property settlement lawyers can help protect your interests while dividing your marital estate, protecting your retirement assets, and property rights.

Going through a divorce is a challenging and emotionally taxing process, and one of the most difficult aspects of a divorce settlement is the division of property. Property settlements can be complicated by many factors, including legal issues and tax implications. It is important to choose a lawyer who understands the law and knows how to negotiate effectively. O’Loan Family Law are experienced negotiators who can help you reach fair agreements regarding your property division.

The sooner you hire a lawyer, the better off you will be. If you wait until the last minute, you could lose valuable rights to your property. Contact O’Loan Family Law today to learn more about our services and receive legal advice from our experienced family lawyers.

In this article, we will explore some of the challenges of property division and how to navigate them during a divorce settlement.

What Is A Property Settlement?

The term ‘property settlement’ refers to the division of assets between spouses after divorce or separation. In some countries, such as Australia, the law requires that both parties agree to the terms before they can be finalised. Property settlements are usually divided into two parts: alimony (also known as spousal maintenance) and child support. Alimony payments are paid to the former spouse until he/she remarries or dies. This usually occurs in circumstances where a spouse cannot adequately support themselves. Child support is paid to the children until they reach adulthood.

What Should Be Divided?

If you are going through a divorce, you might wonder whether you should split your property equally between both parties or give each party their share. This decision depends on several factors, such as the length of the marriage, the children involved, and other financial obligations.

Divorce is never fun, but the division of property can be even harder. Sometimes, you may want to consider giving your ex-spouse less than 50% of your total assets. This is because you may be unable to afford the cost of living without assistance. The Court generally looks at the total pool of marital assets and then determines each party’s entitlement.

Negotiating A Property Settlement

In case of a divorce, the couple involved might face some challenges in dividing their assets. The main reason behind this is that they don’t know much about the legalities associated with such transactions. This makes them vulnerable to being cheated out of their rightful share.

The legal system has evolved over time to provide a fair outcome for both parties. In some instances, however, the court cannot award full ownership of assets or debts to either party. This means that the couple must come to an agreement themselves.

Divorce is a complex issue that requires careful consideration. If you want to ensure that you receive a fair share of your ex-spouse’s assets, you should consult a lawyer specialising in family law. They will guide you through the process and advise you on the best way forward.

Property Settlement For Married Couples

Explain Property Settlement laws & requirements for married couples

The court can make orders regarding the property of a married couple either before a divorce or following a divorce.

A party to a former marriage will need to receive the appropriate legal advice before the 12-month time limit after their divorce.

Property Settlement For De Facto Relationships

Explain Property Settlement laws & requirements for defacto relationships

The Family Law Act (1975) states there is a time limit for a party of a defacto relationship to bring an application for a property settlement, which is two years within the end of the relationship. An experienced property settlement lawyer can guide you through this process to achieve an equitable outcome.

The steps to a property settlement under the Family Law Act:

Determining The Asset Pool

This step involves what assets you own jointly and individually. This includes all the real property and intangible property such as real estate, investment properties, current assets, bank accounts, liabilities and financial resources of the parties. Other types of assets will need to be considered such as retirement benefits and pension plan. When deciding on the division of real property, couples may need to decide whether to sell the property or have one spouse buy out the other’s shares.

Assess The Contributions Made By Each Party

The second step involves assessing the contributions that party has made to the relationship. This includes the financial contributions such as income and inheritances. Other contributions that are assessed include non-financial contributions such caring arrangements for children or maintain the family home.

Assess The Future Needs Of Each Of The Parties

Each party is assessed by their individual circumstances and their future needs both financially and non-financially. This depends on the financial situation of each party, age, health.

Determining Whether The Proposed Decision Is An Equitable Division

The final step is to evaluate the overall outcome of the proprerty settlement and ensure that is a fair outcome. This step of the property settlement process considers factors such as taxation, legal costs and feasibility of the proposed arrangements.

FAQs

The court has jurisdiction to decide how much each party gets from the other person’s assets. The courts are required to look at financial and non-financial contributions of each party. If you want to avoid going to court, then you should try negotiating a fair property settlement agreement. Most property disputes are determined by agreement.

There are two types of property settlements: equitable distribution and equal division. Equitable distribution means that both parties receive roughly the same amount of money. Equal division means that one spouse receives all of the couple’s assets while the other receives nothing.

Yes, you can get a divorce without financial settlement in Australia. However, you need to be aware that you may lose some rights if you do not agree to give up any claims against your spouse. If you want to avoid losing these rights, then you should consider getting a financial settlement from your spouse.

The length of divorce property settlements depends on several factors such as how much money each party has, whether one spouse is working, and what kind of assets they have. If both spouses work fulltime, then the settlement process could last up to two years. However, if only one spouse works, then the settlement process might be completed in less than six months.

Gifts are considered a contribution that the recipient brings to the relationship, so when the relationship ends, it is common for people to try to calm these personal gifts as theirs. If a court is required to get involved in determining ownership, they will look at whether the gift was intended only for one spouse, or if it was intended to benefit both spouses.

Why Choose O’loan Family Lawyers For Property Settlement

We offer personalised advice for all our clients. Our team has extensive experience dealing with your property settlement matter, and we know how to negotiate the best deal for you. If you need help negotiating your property settlement and would like to receive expert advice, then contact us today! We provide a fixed-cost consultation service where we can advise you on the complexities of property division.

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Why Choose Us?

Request Your Free Consultation

Fill out the form below to speak to request your free initial consultation with a family lawyer.

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Our Process

Family law can feel confusing and overwhelming. We’ve broken this down to be as simple as possible. This is what the journey looks like ahead. Our simple 6-step process to resolve your matter & allow you to move forward towards a better, happier and more fulfilled life.

Step 1:
Book Your Free Consultation

Your first step is to get in touch to schedule your free telephone consultation with one of our experienced family lawyers. If you're ready to sit down with us for a longer meeting, head straight to Step 3.

Step 2:
Your Free 15-Minute Call

This is your time to speak with one of our experienced family lawyers over the phone, so that we can get to know each other and discuss the basic details of your current situation. There is no cost involved.

Step 3:
Your Initial Consultation

Spend 60-90 minutes discussing the specifics, particularly regarding parenting and property. You'll receive initial advice, a clear roadmap for next steps, identification of key issues, and recommendations for specialist consultations if necessary.

Step 4:
Your Unique Strategy

Once we have all of your relevant information, we are able to prepare detailed next steps for you, to work together with you to meet your goals and your individual circumstances.

Step 5:
Next Steps & Ongoing Support

We'll keep you informed throughout your separation journey and provide you with the support you need to be able to move forward with your life. We'll keep you updated about tracking towards your separation goals and your timeframe, so that you can properly plan for your future.

Step 6:
Resolution & Moving Forward

Lots of separated couples reach an agreement and we strive to ensure that this is your reality. However, in the event you need to commence Court proceedings, or respond to an application that your ex has commenced, we'll support you with robust strategies and continue to work toward resolution without the need to rely on the Court to make a decision about your future.

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Take advantage of our free, no-obligation consultation with an experienced family lawyer to discuss your situation, find out what your options & make a plan on what to do next. Click one of the buttons below to book your free consultation.

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Take advantage of our FREE CONSULTATION with an experienced family lawyer to discuss your situation, find out what your options are & make a plan on what to do next.