Property Settlement Lawyers

Orman Solicitors’ Guide to Property Settlement

For many people, property settlement is one of the most stressful aspects of the separation process. The Orman Solicitors team have found that most of the stress and anxiety comes from a lack of understanding of how property settlement works. That’s why our property settlement lawyers are here to unpack the process and help you go into negotiations feeling confident. We’re committed to helping you through your property settlement after separation to reach a settlement agreement that suits your needs.

How Does Property Settlement Work?

While divorce and property settlement are all generally considered inextricably linked, they are two separate legal processes. As soon as you and your partner separate, you can begin discussing the division of assets. There are a few ways you can go about deciding on property settlement after separation.

• Mediation. If you prefer to keep your property settlement out of the courts, you can instead try mediation. You can both seek legal advice to ensure you get the best outcome, but you won’t need to take the matter to litigation unless the mediation is unsuccessful.
• Negotiation. Another alternative to litigation is negotiation. It’s a slightly different method of property settlement as you’ll need to enlist the services of Orman Solicitors. This is an option for those who think mediation may become far too emotionally charged.
• If you agree… You can get a formalised property settlement agreement from the court consent orders.
• If you disagree… You can apply to the court for financial orders, including orders relating to the division of property and payment of spouse or de facto partner maintenance. The court will use its four-step process to determine the most just and equitable way of dividing assets.

Misconceptions About Property Settlement

It’s no secret that family law and property settlement are confusing topics, so it should come as no surprise that quite a few misconceptions are floating around about the process. As the experts in divorce property settlement, the team at Orman Solicitors have addressed some of these misconceptions here.

• I can only discuss the property settlement after the divorce is finalised.
  • You can begin discussing settlement as soon as you separate. The sooner you start negotiating, the sooner a resolution can be reached.
• Inheritance isn’t considered in property settlement after divorce.
  • Inheritance is typically handled on a case-by-case basis and is influenced by the timing of the receipt of the inheritance. If you received an inheritance before or at the commencement of the relationship, it might be considered an initial contribution, and the value won’t be separated from the overall asset pool. If you receive an inheritance during the relationship and use it for the benefit of both parties (e.g. to buy or renovate a home), however, it will be considered a financial contribution and a joint asset. If you receive your inheritance late in a relationship or after it has ended, it may be excluded from the asset pool.
• My partner cheated, so I’ll get more in the settlement.
  • In Australia, immoral actions don’t influence the outcome of property settlement. However, other misconduct, such as destruction of property and domestic violence, will affect the settlement outcome.
• I should get a 50/50 split in the divorce property division.
  • The court will apply a four-step process to determine the most equitable and just outcome for both parties, considering many factors and variables.
• Superannuation isn’t an asset.
  • Under the Family Law Act 1975, superannuation falls under the definition of property and can therefore be dealt with in the context of property settlement.

Frequently Asked Questions About Property Settlement

When it comes to divorce, separation, and property settlement agreements, the team at Orman Solicitors are the experts. We’re here to answer all your questions about property settlement.

• How is it determined who gets what in a property settlement agreement?
  • The court uses a four-step process to determine the best way to divide assets between two people.
    • First, each party needs to agree on the assets and the debts.
    • Second, both parties will consider the financial and non-financial contributions.
    • Third, factors that will affect individuals in the future, such as income and child custody arrangements, are considered.
    • Fourth, the outcome is assessed to ensure it is both just and equitable.
• How does property settlement become legally binding?
  • To ensure the property settlement is adhered to, your property settlement lawyers can either file the terms with the Federal Court Family Court of Australia or draw up a binding financial agreement.
• What assets are considered in property settlements?
  • Property may include;
    • Bank accounts
    • Family trusts
    • Investments
    • Inheritances
    • Vehicles
    • The family home and investment properties
    • Insurance policies
    • Superannuation
    • Shares
    • Businesses
    • Jewellery
    • Debts including mortgages, loans, credit cards, and personal debts
    • Cash
• Do I have to tell my ex how much money I have?
  • Both parties are legally obliged to disclose all relevant information to the court, including financial information such as bank statements, superannuation statements, tax returns, and tax documents. Failure to disclose relevant information could result in a case dismissal, a fine, or being found guilty of contempt of the court.
• How long do I have to commence property proceedings?
  • If you are married and not yet divorced, there is no restriction on time limits. However, if your divorce is final, you have 12 months from the date of finalisation of your Divorce to commence property settlement proceedings.
• Can I still apply to the Court for property orders if I was in a de facto relationship?
  • Yes. The Family Law Act 1975 contains mirror provisions that apply to both married and de facto couples.
• Who is responsible for paying the mortgage after separation?
  • If a mortgage is in both names, both parties are legally responsible for mortgage repayments. If you can’t continue paying mortgage payments, have a chat with the Orman Solicitors team, and we’ll help you work out your next steps.

For Property Settlement Lawyers In Sydney and Wagga Wagga, Contact Orman Lawyers

At Orman Solicitors, we’re committed to delivering the highest quality legal advice and services. We pride ourselves on providing reliable, trustworthy services, unmatched legal experience and compassion and empathy in everything we do. No matter what your circumstances, our team always has the best interests of our clients in mind, and we’ll strive to be an advocate for you and your rights. If you’re looking for property settlement lawyers in Sydney or Wagga Wagga, contact the team at Orman Solicitors today.