The division of property is often one of the most difficult issues to resolve in a divorce.
If you are going through a divorce, you will know that it can be a very emotional time. On top of all the personal considerations you have to make, you are likely to have a lot of questions about the division of assets. So, how do you ensure that you receive exactly what you are entitled to? And how long does the process usually take?
How does property settlement work?
The process of dividing property involves four key steps, all of which we can help you with and guide you through. First, we will need to identify what assets are owned by each party, and what liabilities are still outstanding. By establishing the asset value and liabilities of both parties, we can save a lot of time and ensure that we give you the best possible advice. When we first start the property settlement process, we will ask you to complete a schedule of assets and liabilities, and provide us with some information about your overall financial position.
Once we have figured out the value of your assets, we’ll ask you to consider any contributions either party has made to the relationship, as well as what the future needs of each party might be. We will then provide advice about what is fair and equitable for all concerned and enter into negotiations to reach a legally enforceable agreement.
How long does the process take?
The process of property settlement can be difficult, but it is generally much easier to resolve the issue as soon as possible after separation. If the court gets involved, they will consider what assets are owned by both parties at the time at which they deal with the issue, even if a considerable amount of time has passed since separation. This can get complicated, so we recommend that you seek professional guidance as soon as you separate.
You can start working on the process as soon as you have separated from your partner. In fact, you do not have to be legally divorced to work out a property settlement. If you are divorced, you have a time limit of 12 months to begin court proceedings for a property division order.
Is there a difference between property settlement and divorce?
Divorce and property settlement are actually two different legal processes, which is why it is possible to work on your property settlement before you are legally divorced. While a divorce refers to the termination of legal marriage, a property settlement refers to the formal and legal division of property after a separation.
If you are in a de facto relationship, you may be eligible to apply for a property settlement order. In fact, if you are in a de facto relationship, the same considerations apply when it comes to the division of your property as for legally married couples. You will still need to identify and value the assets and liabilities of each party, consider each contribution, and consider the needs of both parties.
For more information about property settlement, please don’t hesitate to get in touch. We can help you with mediation and negotiations, drawing up binding financial agreements, as well as representation in court proceedings. Our team offers insight and experience on a wide range of legal matters, and we pride ourselves on being empathetic and passionate about what we do. We have been working in the Brisbane area for many years and are experienced in the field of family and domestic law. To find out more about our team, please take a look here.
For a full list of the legal services we offer, please take a look here.