The division of assets and liabilities after a relationship ends can be overwhelming.
The assets, liabilities, and personal belongings that couples may have accumulated over a lifetime together must now be carefully divided, considering various complex factors…
To navigate this intricate process successfully, our skilled property settlement lawyers will be by your side for expert guidance and representation.
In Brisbane and throughout Australia, the legal landscape for property settlements for both married and De Facto couples is similar, and it follows a 4-step framework.
The court considers all assets, whether acquired before, during, or after the relationship. This includes real estate, shares, cars, savings, and even furniture. Superannuation funds may be subject to special rules.
Both financial and non-financial contributions are considered. This includes contributions as a homemaker or parent. Gifts or inheritances received during the relationship are also factored in.
Factors like age, health, income, and childcare responsibilities are considered to assess each party’s future needs.
The court evaluates whether the proposed division is just and equitable, sometimes balancing immediate assets against future benefits like superannuation.
This step is where wide discretion is given to the court and contributes to our inability to give “precise” advice in Family Law matters.
After a separation, how should jointly or individually owned property be managed? This becomes particularly complex when one party starts using joint assets, such as withdrawing from joint accounts or maxing out a credit card.
Typically, reasonable expenses incurred post-separation won’t be “added back” to the asset pool. We advise keeping meticulous financial records, especially concerning legal fees, which should ideally be paid from income earned after separation.
The Family Law Courts recognise three main types of ‘add backs’:
Valuing assets can be a complex process, especially when business interests or hidden assets are involved. Our Brisbane-based property settlements lawyers can guide you through this intricate process.
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