What happens to your property when a relationship breaks down?
At msl, our expert family lawyers can assist you with property matters including:
Property settlements following separation;
Protecting your assets prior to entering a de facto relationship;
Protecting your assets prior to getting married; and
Protecting your assets during a relationship.
The msl team will take all necessary steps to expertly assess your family law property matter and advise you on the following issues:
Division of the matrimonial property pool;
What will happen to your superannuation entitlement;
How will separation effect your business;
How are Trusts treated after separation;
Effect of inheritances, windfalls and gifts on your property settlement; and
Your entitlements if you have made a financial contribution to a separating couple.
One of the most common misrepresentations in family law property matters is the concept of “I am entitled to half”. Prior to there being any determination as to what division of the assets each party receives, there is a 4 step process that is to be completed by your Solicitor and ultimately, the Court.
Step1: The disclosure of all of the assets, liabilities and financial resources held by each party in their name alone or jointly with any other person. Commonly referred to as the determination of the ‘property
Step 2: The assessment of the financial contributions, non-financial contributions and the contributions to the care of the family and household made by each party at the commencement of the relationship, during the relationship and since separation.
Step 3: The identification and assessment of each party’s future needs. For example, whether there is an income disparity between the parties, the primary care of dependent children or a medical condition that impacts on a party’s income earning capacity.
Step 4: Following the completion of steps 1 to 3, the final step requires an assessment of what division of the property pool is fair and equitable based on your individual circumstances.
Our family law team is able to facilitate a resolution of property matters through negotiation and once terms of settlement have been agreed, our team will formalise the terms of settlement in the most cost-effective way. Alternatively, if the property matters between you and your partner cannot be resolved after negotiations, our family lawyers are formidable litigators and will take whatever steps are necessary to commence proceedings with the Family Law Courts in order to progress your matter to resolution.
You can formalise property settlements by way of Consent Orders or by way of a Financial Agreement. Our family lawyers offer fixed-fees, whereever possible, when preparing Consent Orders and Financial Agreements.