What's happening?
Property settlement is the process of dividing assets, debts and superannuation between separated partners. This can include the family home, savings, businesses, vehicles, debts and superannuation, regardless of whose name they are held in.
There is no fixed formula for how property is divided. The court, or parties negotiating an agreement, generally consider the contributions each person made during the relationship and their future needs, among other factors.
What could it mean for me?
- Property settlement covers assets and debts held individually or jointly
- Contributions can include financial, homemaking and parenting contributions
- Future needs, such as age, health, income and care of children, can be relevant
- Reaching agreement without court proceedings is often possible and can save time and cost
What are my options?
- Negotiate a property settlement directly or through solicitors
- Attend mediation or family dispute resolution
- Formalise any agreement through consent orders or a financial agreement
- Apply to the court if agreement cannot be reached
What happens next?
- Identify and value the property pool, including assets and debts
- Exchange relevant financial disclosure with the other party
- Negotiate a proposed settlement
- Formalise the agreement or, if needed, prepare for court proceedings
How can MGE Lawyers help?
MGE Lawyers advises clients on their property settlement options, helping identify the property pool and explaining the general factors relevant to a fair outcome.
We can negotiate on your behalf and, where agreement isn't reached, represent you in proceedings before the Federal Circuit and Family Court of Australia.