Property Settlement

Property Settlement Family Lawyers in Newcastle NSW

Have you recently separated or divorced from your ex-partner? If so, you may need to sort out who gets what.

Many people choose to hire a family lawyer for a property settlement.

This can help each party reach an ideal outcome. Saving time, stress and energy.

Please contact us to learn how we can assist you with a property settlement.

Frequently Asked Questions about Property Settlement

When people separate they often have to decide how their property, assets and debts will be distributed so that it is fair on everyone.

Sometimes this is easier said than done.

We guide you through the process of establishing the various financial and non-financial contributions made throughout the relationship. Including all the other factors which are considered when negotiating a property settlement.

If negotiations and mediation are unsuccessful, we can represent you in Court to obtain the best outcome possible.

Examples of property can include:

  • Your home
  • Motor vehicles
  • Shares
  • Animals
  • Cryptocurrency
  • Investment properties
  • Furniture
  • Gifts or inheritance
  • Lottery winnings
  • Business ownership
  • Redundancy payments
  • Interests under a trust

It generally doesn’t matter whose name an asset or liability is in.

That’s because the Family Law Act gives the court the power to alter property interests between separating couples.

Property may have been acquired before, during or after the relationship.

Yes, the courts can redistribute superannuation between separating spouses.

The court will also consider, but not adjust, assets called “financial resources”.

Examples of financial resources can include:
  • Unpaid long service leave.
  • Future expectation under a will.
  • Other benefits such as the use of a car owned by a company or another person.
  • Future dividends or distributions from a trust.

Our family lawyers can help you identify all assets and liabilities of both parties, and advise how these should be allocated. Our family lawyers will negotiate on your behalf and prepare the documentation so we can formalise the property settlement.

Please contact us here to get started.

Our law firm only provides family law services. We don’t do criminal law, conveyancing, estate planning and making Wills, contested Wills, personal injury, etc. This allows us to spend more time providing the best possible family law services to our clients.

Here is the four steps methodology that is usually adopted by the Family Court:

Step 1: Determine the value of all assets, liabilities and financial resources of you and your ex-partner. This is known as determining the asset pool.

Step 2: Determine the contributions made by you and your ex-partner.

Step 3: Determine the future needs of you and your ex-partner and identify any adjustments necessary based to the contributions made in Step 2.

Step 4: Consider the effect of the above to achieve an outcome that is just and equitable to both parties.

No, you do not have to attend court for a property settlement. Instead, a property settlement agreement can be made between the parties or can be made with the court’s assistance.

Yes there are time limits. So it’s important to sort out your property settlement ASAP.

If you were in a de facto relationship, you have 2 years from the date you separated with your ex-partner to prepare a property settlement.

If you were married, you have 12 months from the time the divorce is finalised to make a property settlement.

What happens if you don’t apply within these time frames?
 
You’ll need to apply to the court for an extension of time. It is important to note that the court does not always grant this extension.
Each party usually pays their own legal costs. This is regardless of the outcome. However, the courts can make an order for one party to pay the other party’s legal costs if the court is satisfied that it is appropriate and just to do so.