Family law changes from 6 May 2024
Family law changes from 6 May 2024
Property Settlement & Financial Settlement
Navigating the complexities of property settlements and financial settlements is a critical aspect of the divorce or separation process. These settlements go beyond mere division of assets and liabilities; they are essential in safeguarding your financial future and ensuring that you emerge from this challenging period with stability and confidence. At Allison Rowe Family Lawyers, we guide you through every step of the process with clarity, compassion, and unwavering support.
Whether you're dealing with the complexities of a divorce property settlement or the unique challenges of a defacto property settlement, our experienced team is here to protect your interests and help you achieve a fair and equitable outcome. With over 25 years of expertise, we are committed to providing you with the strategic guidance needed to build a secure foundation for your future.
Why Choose Our Firm
Allison Rowe Family Lawyers brings extensive experience in handling property and financial settlements for clients across Melbourne and Victoria. Over the past 25 years, Allison Rowe has helped countless clients navigate the complexities of property division, ensuring that their financial interests are protected.
Choosing Allison Rowe Family Lawyers means choosing a firm that values your peace of mind and is dedicated to securing your financial stability post-separation. Whether you’re dealing with a straightforward property settlement, or a more complex financial arrangement, you can trust our team to provide the expert guidance you need.
At every step of the process, our team is committed to providing prompt and clear communication and expert guidance, ensuring that you are informed and supported throughout the entire property settlement.
Our Approach to Property Settlements
1. Initial Consultation
The process begins with an in-depth consultation where we take the time to understand your situation, including the assets and liabilities involved. This consultation allows us to gather the necessary information to advise you on the best course of action moving forward.
2. Asset Assessment
We conduct a comprehensive assessment of all assets and liabilities, including real estate, personal property, superannuation, business interests, and any other financial resources. This step is crucial in determining the "net asset pool" that will be divided between you and your former partner.This step includes exchanging and reviewing financial disclosure documents, and arranging business valuations, property valuations and car valuations, where required.
3. Negotiation
Negotiation is a key part of our approach. We work to reach an agreement that is just and equitable, taking into account factors such as the length of the relationship, the financial and non-financial contributions made by each party, whether there are children involved, and the future needs of both parties. If an agreement cannot be reached through negotiation, our extensive experience in family law court proceedings and litigation ensures that we are well-prepared to represent you effectively in court.
4. Finalisation
Once an agreement is reached, we help formalise the settlement through consent orders or financial agreements, ensuring that the terms are legally binding and protect your interests. Our goal is to finalise the settlement efficiently so you can move forward with confidence and financial security.
Overview of the Legal Steps
Separation: The process begins with separation. For those seeking a divorce, you must be separated from your spouse for at least 12 months. In de facto relationships, separation is also a prerequisite for property settlement agreements made after the relationship has ended.
Filing for Property Settlement: It’s important to file for a property settlement within the legal time limits—within 12 months of your divorce becoming final or within two years of separating from a de facto partner.
Disclosure and Valuation: Both parties are legally required to fully disclose all assets, liabilities, and financial resources. Accurate valuation of these is crucial to ensuring a fair division.
Negotiation or Mediation: Most property settlements are resolved through negotiation or mediation, allowing both parties to reach a mutual agreement without going to court.
Court Proceedings (if necessary): If an agreement cannot be reached, applying to the court for financial orders may be necessary. The court will assess the case and make a legally binding decision based on what is ruled to be just and equitable.
Finalisation: Once an agreement is reached, whether through negotiation or a court decision, the settlement is formalised in a binding consent order or financial agreement, ensuring your rights and interests are protected.
Key Considerations
Time Limits: It’s crucial to be aware of the deadlines for filing property settlement applications—within 12 months of a divorce becoming final or within two years of a de facto relationship breakdown.
Asset Valuation: Ensure all assets and liabilities, including real estate, businesses, and superannuation, are accurately valued to achieve a fair division.
Superannuation Splitting: Superannuation is a key asset in many settlements. Understanding how it can be split is vital to ensuring a balanced outcome.
Future Needs: Considerations are made about each party’s future needs based on: age, health, income potential, and care responsibilities. These factors significantly impact the final settlement.
Types of Property Settlements
Divorce Property Settlements
Divorce property settlements involve the division of assets and liabilities between spouses following the dissolution of a marriage. We understand that this can be a stressful and emotional time, and our goal is to secure a fair distribution of property that supports your future financial stability.
De Facto Property Settlements
De facto relationships are treated similarly to marriages under Australian law when it comes to property settlements. Whether you were in a same-sex or opposite-sex relationship, if you and your partner lived together on a genuine domestic basis, you may be entitled to a property settlement. We help clients navigate the legal criteria specific to de facto relationships, ensuring that your rights are protected and that a just and equitable settlement is achieved.
Property Settlements After Separation
Even if you have not formally divorced, it’s important to address property division promptly. We assist clients in negotiating and finalising property settlements after separation, whether through mediation, negotiation, or, if necessary, litigation. Our approach is designed to minimise conflict and ensure a smooth transition as you embark on the next chapter of your life.
FAQ
1. How long does a property settlement take?
The duration of a property settlement can vary depending on the complexity of the assets involved and whether both parties can reach an agreement. Simple cases may be resolved within a few months, while more complex matters, particularly those involving significant assets or business interests, may take longer. At Allison Rowe Family Lawyers, we strive to handle your property settlement as efficiently as possible, keeping you informed throughout the process.
2. What factors are considered in property settlements?
Several factors are taken into account during a property settlement, including the length of the relationship, the financial and non-financial contributions made by each party, whether there are children involved, and the future needs of both parties. The court will consider assets such as real estate, superannuation, businesses, and investments, as well as liabilities like mortgages and loans. Our team ensures that every relevant factor is thoroughly assessed to achieve a fair and equitable outcome. Whether you are dealing with a divorce property settlement or a defacto property settlement, our firm is equipped to guide you through the process.
3. Do I need to go to court for a property settlement?
Not necessarily. Many property settlements are resolved through negotiation or mediation without the need for court intervention. However, if an agreement cannot be reached, you may need to apply to the court for financial settlement orders. Our firm is experienced in both negotiation and litigation, and we will guide you through the process that best suits your situation.
4. What is the difference between a divorce property settlement and a de facto property settlement?
While the principles governing both types of property settlements are similar, there are some differences in legal requirements. In a divorce property settlement, the process typically begins after the dissolution of a marriage. In a defacto property settlement, you must prove that you were in a genuine domestic relationship, unless this is agreed. The time limits for applying for property settlements also differ between the two. Our team is well-versed in the nuances of both types and will ensure your rights are protected.
5. Can superannuation be split in a property settlement?
Yes, superannuation can be split during a property settlement. This allows one party’s super fund to transfer a portion of their superannuation to the other party’s super fund, ensuring a fair distribution of retirement savings. The specifics of superannuation splitting can be complex, but our team is here to guide you through the process and ensure that your superannuation interests are appropriately addressed during your family law property settlement.
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Ready to find your family law solution? Book an appointment now and take the first step towards clarity and resolution.
Trusted Property Settlement Lawyers
Navigating the complexities of a property settlement or financial settlement can be daunting, but you don’t have to do it alone. At Allison Rowe Family Lawyers, we bring a wealth of experience and a deep understanding of family law to help you achieve a fair and equitable resolution.
Don’t leave your financial future to chance. Contact one of the most experienced property settlement lawyers Melbourne has to offer today. Reach us at 03 8357 9157 or simply fill out our contact form, and we’ll be in touch. Let us help you secure a strong foundation for your future.
Contact Us
Contact Us
Have questions or need assistance? Contact us, and our friendly team will provide the support you deserve. Trust us to simplify your family law matters with compassion and expertise.
Hours
Monday–Friday
9am–5pm
Address
suite 4934
805, 220 Collins St
Melbourne 3000
Email
enquiries@allisonrowe.com.au
Phone
03 8357 9157