A successful family law property settlement is one that allows you to move on financially with your life after separation and divorce.
How that looks for you depends on your financial circumstances, the property pool being divided and your future plans.
Family lawyers, Julie Hodge and Manuela Payet, reflect on their experience assisting clients with property settlements.
Julie says “every matter is different and it is important to assess the client’s particular circumstances and desired outcomes. This really sets the agenda.”
Manuela comments “for example, if you and your former partner previously operated a business together, you may want to continue running the business and benefiting from this income- generating asset.”
Julie compares “for other clients, their focus may be on retaining the property to allow their children to remain living in the family home and connected to their local neighbourhood. This typically involves that client taking over any mortgage on the property, and paying a settlement payment to the other party in exchange for their share of the property.”
Julie continues “If a client is relocating or wishes to purchase a different property after separation, the sale of the property and a share of the sale proceeds, or a cash settlement payment from the other party may be more desirable.”
There are many and varied ways to achieve a successful property settlement.
Some separated parties are able to agree on the division of the assets and liabilities of the relationship. The role of the family lawyers can then be confined to formalising the agreement according to law. For others it may require court proceedings.
“The best thing you can do is obtain initial advice after separation so you are aware of your legal rights, options and obligations but also to ensure you comply with any relevant time limits” says Julie. Manuela points out “for de facto property matters the time limit for filing consent orders or commencing a family law court application seeking property or spousal maintenance orders is 2 years from separation and for married couples it is 12 months from the final divorce order.”
This article is general in nature and does not constitute legal advice.
Julie Hodge, Special Counsel and Manuela Payet, Senior Associate have over 25 years combined experience in family and divorce law. For further information visit www.millerharris.com.au; or if you wish to discuss your circumstances, contact Julie or Manuela on 07 4036 9700.