Property settlement is part of divorce or separation and this involves diving the liabilities and assets between spouses. The outcome has to be fair depending on the situation of both spouses. Property settlement will differ when it comes to different countries so in this article, we are focusing on what is relevant for Australia.
The aim of the court is to divide your property in a just and equitable way.
And there are many factors considered when making this decision. It is not just for married couples that property settlement is considered. This applies to de facto relationships as well. You can visit property settlement lawyers Brisbane to understand which criteria apply to your relationship. The court will consider the financial and non-financial contributions made by each partner in the duration of the relationship. This can include income or assets that they have. Inheritances are also included. Some other contributions are the childcare responsibilities taken on by each partner along with homemaking. It doesn’t matter if you are not employed. There are many other contributions that can be considered. The future needs of the parties will also be considered. The court will think about the capacity of each party when it comes to earning an income and the types of financial resources each person has. The age and health of the person will also be considered as these can impact their earning potential.
Superannuation will be included
In the property settlement and in certain situations, this will be divided between the two parties. The court takes steps to ensure that no party is left in a position of disadvantage at the end of proceedings. However, it is important to select a property settlement lawyer with a lot of experience so that they can ensure your rights and interests are fully protected during the proceedings. There is a lot of information to collect when preparing for a property settlement. You will have to find information about your liabilities, assets and all kinds of financial resources. Some of the information you will need to collect are tax returns, documents related to mortgage, bank statements and property valuations. Your lawyer will be a great help at this stage because they will advise you on the documentation that is required.
You don’t always need to go to court for property settlement.
Negotiation and mediation can be used to resolve this. You can work together with the other party. Both parties will have a lawyer to represent them and through these negotiations, a mutually acceptable agreement can be arranged. This will take less time compared to litigation and you will also be able to save money that will otherwise go for court costs. And it can be such a relief to come to an agreement quickly without having to battle it out in court for a long time. There are legally binding financial agreements that you can enter into with the other party. A prenup will be agreed upon before marriage which can cause you a lot less worry if you were to go for a divorce. And if you are considering entering into such an agreement, it is important to seek legal advice so that you understand the implications of the agreement.