Property settlements
Property settlement lawyer in Adelaide, South Australia
If your relationship has ended, what’s next? Working out how to divide property, including money, assets and debts, is a significant task. Often, it’s stressful and challenging.
If your financial arrangements are complex or your relationship is long, making property arrangements may require extra care and skill.
We’re expert property settlement lawyers representing clients in Adelaide and South Australia. We’re skilled at navigating family law property settlements to resolve them in ways that work for our clients and cater to their future needs.
We can help you, too.
Having some knowledge is an excellent starting point for working out what you need from a property settlement lawyer, so here’s some important information about family law property settlements and how they work.
Get in touch to learn more about how we can help you.
Frequently asked questions about family law property settlements
What is a family law property settlement?
If your relationship breaks down and there’s no chance of getting back together with your former partner, usually, you will need to agree on how to divide the relationship’s assets and liabilities (debts). The process of doing this is known as a family law property settlement.
Sometimes, one of you may need financial support from the other, for example:
- Spousal or de facto maintenance (for the benefit of one partner)
- Child support (if relevant) to work out how each of you will contribute to child-related expenses
There are several different approaches to try and reach a property settlement after separation:
Agreement
If you and your former partner agree on how to split your assets and liabilities, you can formalise this by applying for consent orders or preparing a binding financial agreement.
Dispute resolution
If you can’t agree on all the issues, you can attend mediation or use other forms of dispute resolution to work towards an agreement.
Court applications
You can apply to the Court for financial orders when dispute resolution doesn’t resolve the issues. Orders can include property division and spousal or de facto maintenance.
What time limits should I be aware of for family law property settlements?
The time frame for applying to the Court for financial orders varies based on your circumstances:
Married couples
Applications for property settlement must be filed within 12 months of your divorce becoming final
If your marriage was annulled, applications must be submitted within 12 months from the date of the decree of nullity
De facto relationships
You have two years from the end date of your de facto relationship to apply for property settlement.
Is it possible to resolve property settlements without going to Court?
Yes, property settlements can be finalised without going to Court.
You and your partner can formalise your agreement as either consent orders or a binding financial agreement.
Your lawyer can give you advice about which is most suitable. It will depend on the circumstances.
Do I need a formal agreement for my property settlement?
Yes, it’s important to formalise your agreement. Otherwise, the financial relationship between you and your former spouse may not be severed (meaning it may not have ended).
If the financial relationship isn’t severed, it creates a risk that your former spouse can make a further property settlement claim against you.
Is property divided equally after divorce?
Property isn’t always divided equally after a divorce.
There’s no presumption that a 50/50 division of assets would be fair.
Dividing property is based on several factors, including each party’s contributions to the property pool and any adjustments due to circumstances such as:
- Health
- Earning capacity
- Dependents
- New living arrangements
In long-term relationships, contributions are often seen as equal, but adjustments may be made.
Can I keep the property I brought into the relationship?
Assets you owned at the start of your relationship are not automatically protected from a property settlement at the time of separation. The exception is if you made a pre-nuptial agreement before marrying or living together. A pre-nuptial agreement is a type of binding financial agreement.
Generally, assets that parties bring into the relationship are considered initial contributions. The importance of these contributions will mostly depend on the length of the relationship and how those assets are used.
Am I entitled to a share of the property if I didn’t work outside the home?
Yes. Australian family laws recognise that non-financial contributions are as valuable as financial contributions. Non-financial contributions include:
- Raising children
- Maintaining the family home
Non-financial contributions are taken into account as part of the property settlement process.
Do I need to disclose all my assets and income?
Yes. Under Australian family laws, you and your former partner must disclose information about your financial position, including your:
- Income
- Assets
- Liabilities (debts)
- Financial resources
- Other relevant information
What should I do if I don’t have information about my former partner’s assets?
Your former partner must disclose all their assets, liabilities, and financial resources. There are serious consequences for failure to disclose assets.
Please let us know if you’re concerned they may have hidden assets. Often, hidden assets can be traced.
In some cases, we may be able to act discreetly to get information about your partner’s financial position.
Am I entitled to any assets my former partner acquired after we separated?
In a property settlement, the asset pool that can be distributed is the pool that exists when either:
- The agreement is reached; or
- Court orders are made
So, any assets acquired after separation but before reaching the agreement will technically fall into the asset pool available for distribution.,
Seeking legal advice is critical if you want to know whether you’re entitled to assets your former partner acquired after your separation. Because either party’s financial position may change dramatically following separation, you may need to commence property settlement negotiations as soon as possible.
Get in touch
Before you discuss property division with your former partner, seek our legal advice about your rights and obligations. You must make sure you’re aware of your entitlements. Otherwise, there’s a risk that you’ll miss out on your fair share.
Our experienced property settlement lawyers offer trustworthy, skilled and affordable guidance and will advocate for your financial rights.
Get in touch to learn more about how we can help you with family law property settlements.