Property settlement refers to the finalisation of financial issues between couples that have separated. Property settlement is also referred to as “financial settlement” in the context of a family law separation. This is completely distinct to purchase or sale of a property which falls under conveyancing but relates to the overall distribution of assets and financial resources by parties that were married or in a defacto relationship.
Each property or financial settlement undertaken after separation is unique and assessed on it’s own facts but there are some important points to consider.
One of the first things that will need to be considered is identifying the pool or property pool available for distribution.
Identifying the asset pool
Generally this can be quite a straightforward process of in other matters where there are family trusts or businesses it can be a little bit more complex. As a general rule a balance sheet is prepared and the value of all assets minus any liabilities, will be formulated in conjunction with your family lawyer. There also may need to be valuations conducted, and exploration of any disputed items or assets and also exchange of financial documents to look at any assets that may have been undisclosed. This process can generally take some time.
Assessing percentage ranges and contributions
Your family lawyer will also then discuss with you after taking instructions, any contributions that could have been financial, non-financial and homemaker/parent contributions throughout the course of your relationship. This would also relate to contributions made at the time your relationship commenced, during your marriage and/or relationship and after separation.
Your lawyer in discussing your matter with you will be able to give you a range of percentages that may apply subject to the specific circumstances of your particular case if it were to come before a Judge for litigation.
Looking at any other adjustments for future needs and other matters
Your lawyer in discussing your property settlement will also seek information from you about needs that may impact further percentage adjustments in both marriage and defacto relationships and this can relate to the care of the children, the income earning capacity of all parties, and the age and state of health of the parties as well as any Child Support being paid or received. Again, there is no specific formula or exact amount and your lawyer can discuss with you percentage ranges after all information has been received.
Property settlement is a very important part of a family lawyer’s role in assisting you after separation and it is important that you get expert specialist family law advice from our offices located conveniently in Sydney, Penrith, Parramatta, Glenmore Park and the Hawksbury region.
Our accredited specialist family law team at Penrith Parramatta Glenmore Park Sydney Richmond can assist you, contact us now at reception@ratfton.com.au.