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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

Lawyers

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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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Lawyers Cost

HOW TO CHOOSE THE RIGHT SOLICITOR BASED ON COST

Lawyers have a reputation for charging a lot for the work that they do.

To help alleviate some of these concerns this article is designed to outline some of the ways lawyers charge so that if you find yourself within a legal matter you can know what to expect.
There are typically four ways that lawyers charge for the work that they do:

  1. Time costing: This means that the solicitor will charge you a set rate for the time that they spend on your matter. This can include everything from consultations to drafting and responding to emails, letters, telephone calls, meetings and more.
  2. Fixed legal fees: Some solicitors will charge you a fixed legal fee for the work that they do for you plus disbursements. Disbursements are money that the solicitor must pay out to other people in your matter, for example if you are buying a house the costs of your pest and building report would be considered a disbursement. The legal fees component is the amount the lawyer receives for their own use.
  3. Fee for outcome: This is when a solicitor charges you a set fee to achieve a certain outcome for you. For example: a solicitor might charge you a set sum of money inclusive of all costs and GST to attend Court for you to enter a plea, or to complete a business transaction from start to finish for you. This means you know exactly how much money you need to pay up front and is similar to item 2 above.
  4. Contingency: This is also known as “No Win, No Fee”, whereby a lawyer will only charge you an agreed amount if your case is successful.

It is important that your solicitor is upfront and transparent with you about how they are going to charge. If they intend to charge you more that $750.00 for a legal matter they should provide you with a written Costs Agreement setting out how their fees are going to be charged so that you know from the start what you can expect when it comes time to pay your bill.