Property Settlement Lawyers

A financial resource is something which is not yet property but has a future financial benefit or the ability to generate income in the future. Some examples include an interest in a trust, the ability to borrow funds, long service leave, a future pension entitlement, an anticipated inheritance, overseas superannuation and also tax losses.

An asset is something you can dispose of right now (perhaps on some conditions, e.g. a share in a company) and receive a payment for.

An asset or ‘property’ includes real estate, cars, bank accounts, shares, interests in businesses, cash, jewellery, jointly owned property with another person, artwork to name a few.

Both categories are considered in property division.

No, two pathways are available, neither of which requires attending the Court:

1. A Binding Financial Agreement setting out any deal reached; or
2. A “Consent Order” setting out the agreement lodged at Court, but which does not require Court attendance.

50/50 rarely applies – if you have no children, both spouses are the same age, have the same salary and started the relationship with exactly the same amount and are both healthy – just maybe, 50/50 might be correct – otherwise hardly ever.

Probably untrue. To determine what is fair we consider all the homemaking and parenting contributions as well as economic ones. If one spouse was working and the other at home, the super isn’t ‘hers’ or ‘his’, the stay at home dad may qualify for some of the super. It’s “our” super. But fundamentally it depends on what total is available.

You can do your property settlement and divide your assets as soon as you separate. There is no 365 day waiting period (like there is for obtaining a Divorce).

A few reasons:

1. You may not know what there is to divide up – spouses will often lie to you about what there is and even more often, what things are really worth.
2. If there is any imbalance in power in the relationship.
3. To ensure when you begin negotiations at a fair percentage you must know your rights and what you discuss with your ex is the best outcome for you and your family.
4. To ensure the agreement you have reached is ‘fair’.
5. To properly document the agreement to ensure the agreement can be implemented by third parties such as banks and super funds.
6. If you don’t document the agreement properly your ex may come back for more ever many years later.

No. If your de facto relationship has broken down, you may also need to divide your assets/do a property settlement.