Division of Assets
Also known as a Property Settlement, the division of assets following a separation can be complex and overwhelming. We can help you navigate this process with clarity, knowing what your entitlements may be and how you can resolve your matter.
What goes into a Property Settlement?
Any assets, liabilities, superannuation and financial resources of yourself and your former partner/spouse are included in a property settlement. This includes:
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the family home
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investment real estate
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businesses and trusts
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investments, shares, savings
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motor vehicles, boats and caravans
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credit cards, mortgages, tax debts and other loans
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No matter the complexity, it is important that the proposed division reflects the contributions and future needs of the parties.
Formalising a Property Settlement
A Property Settlement is not legally binding or enforceable unless it is formalised through either:
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an Application for Consent Orders & Minute of Consent; or
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a Binding Financial Agreement
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A handshake agreement is not sufficient to formalise a property settlement. Nor is a statutory declaration you both sign in the presence of a Justice of the Peace.
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If your agreement is not properly formalised you are both at risk of either party making a claim in the future.
What if we can't agree?
If you cannot agree on how to divide your assets, the court may need to make a decision for you. The Court is a place of last resort, meaning that you should try everything possible to reach an agreement (if it is safe to do so) prior to making an application to the Court.
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If your matter goes to the Court, the Court will consider:
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the asset pool available for division including the value of assets, liabilities and superannuation.
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The contributions of each party to the assets - including financial and non-financial contributions.
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The needs of each party moving forward (known as "future needs") including care of children, earning disparity and health.
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What outcome is just and equitable in all the circumstances.
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You will not see the word "fair" anywhere in the legislation that is followed when dividing assets. It is important that you are aware of your rights and entitlements to a property settlement and you advocate for an outcome that reflects those entitlements.