Following separation, settling the division of the property of a marriage, defacto or same sex relationship is a major consideration for parties. Parties may reach agreement between themselves as to the division of the property of their relationship. If parties are unable to reach agreement, the Family Court and the Federal Circuit Court have the power to make Orders regarding property division.
If parties reach agreement between themselves the agreement should be documented and Court Orders obtained formalising the agreement.
Term ‘property’ is given a broad interpretation and includes real estate, interests in companies, businesses, motor vehicles, bank accounts, superannuation entitlements, furniture, artworks, and the like.
There is a four step process in determining property division. The four steps are as follows:
- Identify the asset pool of the parties or either of them available for division;
- Assess the contributions, both financial and non-financial, made by the parties towards the acquisition, conservation, and improvement of the asset pool;
- Consider the future needs of the parties; and
- Determine whether the division is fair and equitable.
Our family lawyers support you throughout your separation and the process of property settlement to ensure the best outcome for you. We understand the personal strain and confusion that accompanies the breakdown of a relationship and the division of property. Partnering with Coulter Roache creates an environment of trust to give you peace of mind.
We offer a no cost 30 minute initial consultation to discuss your situation with an experienced family lawyer. The initial consultation provides an opportunity to gain an informed understanding of your matter and the necessary steps to achieve a resolution.