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1300 COMLAW (266 529)

02 4704 9991

Suite 11, 354-360 High Street, Penrith NSW 2750
PO Box 1835 PENRITH NSW 2751

Family Law

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Family Law Property Settlement

Do I Really Need to do a Property Settlement?

This week our family law lawyer Kristy Vukovic addresses one of the most commonly asked questions in marriage and relationship breakdowns.

Following the breakdown of a marriage or de facto relationship the assets available for distribution between the parties includes all assets and liabilities, whether they are held in the sole name of one of the parties or the joint names of both. This also include property each party held in their own name prior to entering into the relationship and property acquired by each party since separation.

While a property settlement is not compulsory, it is important that a property settlement is entered into to ensure that neither party can have another bite of the cherry down the track. Put simply, if an informal agreement is reached but then one of the parties changes their mind, they may be able to approach the Court for an Order seeking a greater share of the assets.

For married couples a property settlement can be sought via the Family Court for a period of 12 months following the date of divorce. It does not matter if the parties have been separated for a significant amount of time before the divorce takes effect. In this case the value of the assets, liabilities and other financial resources are considered at the time that the Orders are made or when an agreement is reached, not at the time separation occurs. This means that all assets and liabilities acquired or accrued during the period of separation will still be considered by the Court to be part of the property to be divided as a result of the breakdown of the relationship.

For de facto couples, a property settlement can be sought via the Family Court for a period of two years following the date of separation. The same principle above applies to assets and liabilities acquired or accrued during a period of separation, that is they will be considered part of the property of the relationship for the purposes of determining who gets what.

Even if the breakdown of your relationship is amicable, you should always seek the advice of an appropriately qualified family lawyer to make sure that you get your fair share and that if agreement is reached you are protected by a legally binding property settlement.

For more advice on this contact Kristy Vukovic on 02 4704 9991 or email Kristy at kristy@completelaw.com.au.

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Family Law Tips

We are excited to announce that the head of our family law team, previously based in Melbourne, has moved back to Sydney! This means that we now have a Sydney based family law lawyer operating out of our Head Office in Penrith.

You can contact us to make an appointment with our family law lawyer at any time on (02) 4704 9991, but in the meantime here are some tips to think about if you are going through a divorce or separation:

  1. Start collecting your financial documents as soon as possible, taking into account everything from savings to assets and superannuation so you can adequately inform your lawyer.
  2. Start to think about what arrangements regarding custody of children are to be made. If your relationship with your ex-partner is amicable and you can reach agreement, then this is always best.
  3. If you feel as though your safety or the safety of your children is at risk, get some advice from the police about a temporary Domestic Violence Protection Order.
  4. Conduct a review of things like your Will, Power of Attorney and the beneficiaries of any superannuation death benefit you have. Often it may be the case that your wishes have changed as your relationship has broken down.
  5. Keep a record of any conversations you have with your ex-partner by writing them down in a diary or notebook if you think you might need to refer to them later.

The most important thing for you to do if you are going through a break up is seek family law advice as soon as possible. Most lawyers can offer you a one-off consultation with them for a reasonable fee so that you can get some advice in relation to your position. It may be the case that your separation is amicable and you are in agreement with your ex-partner about most things – this doesn’t mean you shouldn’t get some family law advice so you are at least aware of your rights.

Our family law services include divorces, property settlements following separation, custody of children and general family law advice. If you would like to make an appointment to meet with our family law lawyer, please contact us by telephone or visit our website at www.completelaw.com.au for our email details.

We understand that any marriage breakdown is emotionally draining on everyone involved. We can help you ease that burden with expert legal advice.