Property settlements can be complex, especially when substantial assets and emotional attachments are involved. At Emerson Family Law, our skilled lawyers break down the process of asset division, ensuring that your property settlement is fair and equitable.
Whether it’s real estate, high-stakes financial assets, or personal belongings, we offer strategic advice to help you navigate the settlement with confidence.
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.
Identifying assets
and Liabilities
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.
Assessing Contributions
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.
Evaluating Future Needs
Factors like age, health, income, and childcare responsibilities are considered to assess each party’s future needs.
Ensuring Fairness
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.
If you have control over a trust, its assets may be considered your property in family law cases. Courts can also nullify any documents that alter trust rights.
When a relationship involving businesses or trusts ends, restructuring may be necessary. Our team can help maintain efficient structures, even if it means consulting tax and financial experts.
Certain exemptions may apply under the Family Law Act 1975, including Capital Gains Tax rollover relief and stamp duty exemptions.
Superannuation is part of the net asset pool and can be divided in various ways. Early legal advice is crucial for managing superannuation assets effectively.
The “Clean Break Principle” suggests that once a settlement is reached, financial ties should be completely severed. Settlements can be formalised through Binding Financial Agreements, Consent Orders, or court orders.
Failure to formalise can expose you to future claims from your former spouse. We strongly recommend seeking early legal advice to finalise property matters.
Spousal maintenance is complex and not automatic. Various factors, such as child custody and employment status, are considered. Courts can issue different types of maintenance orders, either as lump sums or periodic payments.
Your initial consultation is offered at a fixed fee, guaranteeing a thorough service regardless of whether it’s an in-person meeting or a Teams call. This fee also covers any subsequent written advice you may need, with no additional charges.
