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What is a family law property settlement?
Who has parental responsibility?
What next?
When your marriage or de facto relationship ends, you’ll most likely need to sort out your finances.
A property settlement refers to an agreement between the parties to divide their assets and debts.
The end of your financial relationship
The idea behind a property settlement is to sever your financial ties and bring an end to the financial relationship between you and your ex – whether you were married, in a de facto relationship or same sex relationship.
A property settlement should deal with all of the property (assets, liabilities and also the financial resources) of both parties and should take into account your financial circumstances, for example your income and ability to work.
How do we obtain a property settlement?
You can negotiate an agreement with your ex direct without any lawyers or court involvement. There are also dispute resolution services that can assist you in coming to an agreement.
If you can’t reach agreement with your former partner, you can make an application to the court for a property settlement.
The court has very broad powers to make financial orders about property division and also spousal maintenance and de facto partner maintenance. Before you apply to the court, however, you’re required to make a genuine effort to resolve your differences using family dispute resolution.
What next?
Would you benefit from a structured, step by step approach? We can help you identify issues and understand your options for resolving them. Check out our Separation Guide.
