A property settlement considers all assets and liabilities of both parties, not just those held jointly. This can include property, bank accounts, superannuation, investments, vehicles, businesses, and debts. All financial resources are typically taken into account when determining a fair division.
Fair outcomes for property matters.
Dividing property and finances can be one of the most complex aspects of separation.
Property settlements aim to fairly divide assets, liabilities, and financial resources between both parties. This process weighs up each person’s contributions as well as their current and future considerations. Clear legal guidance can help ensure the outcome is fair and legally recognised.
What is a property settlement?
A property settlement involves identifying and valuing all assets and liabilities of the relationship. This can include property, savings, superannuation, investments, businesses, and debts. The goal is to reach a fair division based on each party’s financial and non-financial contributions during the relationship.
The law also weighs up each party’s current and future considerations such as income capacity, health, and the care and housing needs of children.
The impact of any family violence on one party’s ability to contribute as well as on their current and future circumstances is also assessed. The impact of any wastage and incurring of liabilities is also considered when looking at their circumstances.
Property settlements can often be resolved through negotiation or mediation, but where an agreement cannot be reached, the court can make a formal decision.
There is provision for the court to make an order to decide who gets to keep the family pet, if an agreement cannot be reached amicably.
We’re here to help
Moore Lawyers provides practical advice to help you understand your rights and options when dividing property after separation. We assist with identifying assets, negotiating settlements, and ensuring agreements are properly documented and legally enforceable.
Our team works to resolve matters as efficiently as possible while protecting your financial interests. If court proceedings become necessary, we will guide you through the process and advocate for a fair outcome.
Start with a free 30-minute call
Before making any decisions, we encourage you to book a complimentary 30-minute discovery call. It’s a no-obligation conversation to talk through your circumstances, answer your questions, and help you feel more in control of what’s ahead.
It also gives both of us the chance to see if we’re the right fit. You’ll leave with greater peace of mind and a clearer idea of your next steps.
More Info
Frequently asked
questions
What assets are included in a property settlement?
How is property divided after separation?
The court follows a structured process that looks at the total asset pool, the contributions, including their financial contributions, homemaking, and caring for children, and weighs up each party’s current and future considerations, including any income disparity, each party’s age and state of health, and the care and housing needs of any children.
Do de facto couples have the same rights as married couples?
In many cases, yes. De facto couples can apply for property settlements in a similar way to married couples, provided certain legal criteria are met. This may include the length of the relationship or whether there are children involved.
Is there a time limit to apply for a property settlement?
Yes. Married couples generally have 12 months after their divorce becomes final to apply to the court for a property settlement. De facto couples usually have two years from the date of separation.