After separation, couples need to sort out how to divide their asset pool. This is called a ‘divorce property settlement’. At Family Lawyers Mackay our Mackay Divorce Lawyers are aware that our clients are concerned about controlling legal fees, particularly where they may not have a great deal in liquid assets. Our Mackay Divorce Lawyers are here to help you navigate this process and ensure your rights are protected.
The Requirements for a Divorce Property Settlement
The only requirement for a divorce property settlement is an ‘irretrievable breakdown of the marriage. This is proved by a 12-month separation with no likelihood of reconciliation. The court does not examine whose fault it was that the marriage broke down. The divorce application will not resolve issues relating to children or property. You need to make those arrangements with a separate application. The divorce application must show you have made arrangements for the welfare of any dependent children.
After separation, couples need to sort out how to divide their asset pool. This is called a ‘property settlement’.
Understanding the Asset Pool
The asset pool comprises all property such as houses, cars, shares, superannuation, liabilities (mortgage, credit cards), and financial resources (family trusts). The property, liabilities, and financial resources of the relationship can be in joint names, your name only, or your spouse’s name only.
ALWAYS KNOW YOUR RIGHTS AND KNOW WHERE YOU STAND
By consulting one of our accredited family law mackay specialists.Factors Considered in Property Settlement
After assessing the contributions made by each party, the Court is required to consider the factors under section 75(2) of the Family Law Act (otherwise known as “future factors”). Some of the “future factors” include –
- The age and state of health of each party
- The physical and mental capacity of each party to obtain employment
- Whether either party has the care of a child under the age of 18 years
- Any child support that has been paid by a party
- Any child support that a party may be liable to pay
- The necessary commitments of each party enable that party to support themselves, a child, or another person that the party has a duty to maintain.
Formalising the Agreement
The asset pool comprises all properties such as houses, cars, boats, motorcycles, shares, superannuation, liabilities (mortgage, credit cards), and financial resources (family trusts). The property, liabilities, and financial resources of the relationship can be in joint names, your name only, or your partner’s name only.
If you and your partner come to an agreement on how you intend to divide your asset pool then you can enter into Consent Orders or a Financial Agreement to make the agreement legally binding.
If you would like to read the relevant sections of the legislation in regard to Divorce Property Settlement please go to the Family Law Act.
Please reference Sections 48 – 59 inclusively.
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Exploring Alternatives and Seeking Court Intervention
If you are unable to negotiate a divorce and property settlement of your assets then mediation and collaborative practice may provide assistance to you to negotiate this settlement.
If however by negotiation you are unable to resolve the division of your assets then it may be necessary to apply to the Family Court to obtain a judgment on the division of such assets.
Mackay’s Divorce Property Settlement Lawyers: Expert Asset Division Assistance
Divorce Property Settlement lawyers specialise in assisting individuals during the complex process of property division in divorce cases. They possess expertise in property valuation, asset distribution, negotiation, and safeguarding their clients’ interests. These lawyers determine the value of various assets, such as real estate, investments, and businesses, and strive to achieve a fair and equitable distribution based on factors like the duration of the marriage and each spouse’s contributions. With their strong negotiation and mediation skills, Divorce Property Settlement lawyers aim to reach mutually acceptable agreements that protect their client’s financial well-being and preserve relationships whenever possible. They are responsible for drafting comprehensive legal documentation, including settlement agreements, that address the transfer of property titles, spousal support, child support, and any tax implications. In cases where negotiation and mediation fail, these lawyers represent their clients in court, advocating for their rights and presenting compelling arguments and evidence.
Throughout the divorce property settlement process, Divorce Property Settlement lawyers not only provide legal expertise but also offer guidance, emotional support, and strategic advice. They understand the sensitivity and complexities involved in property division and assist their clients in making informed decisions. With their knowledge and experience, these lawyers ensure that their client’s interests are protected and work towards achieving fair resolutions that enable a smooth transition into the next phase of their lives.
People who found this page also searched for
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ALWAYS KNOW YOUR RIGHTS AND KNOW WHERE YOU STAND BY CONSULTING ONE OF OUR ACCREDITED FAMILY LAW MACKAY SPECIALISTS.
ALWAYS KNOW YOUR RIGHTS AND KNOW WHERE YOU STAND
By consulting one of our accredited family law mackay specialists.To make an appointment please contact our Mackay Divorce Lawyers or call us at (07) 4847 0198 today.
