What’s involved in a property settlement?
A property settlement is a legal agreement that details how assets and liabilities are treated on the breakdown of an engagement, marriage, same sex and de facto relationships.
It’s not just about the house either. A property settlement covers investment income, business interests, inheritances, pensions, superannuation, family trusts, related private companies, and insurance, as well as debts and liabilities from tax debts, credit cards, loans and leases.
The entire asset and liability pools of both parties, along with future income, housing and the rights and care of any children are included and assessed prior to agreement being reached.
Spousal maintenance and custody
Where there are children involved, property settlements should also include terms dealing with parenting issues such as;
- Which parent the children live with
- Who they spend time with and when
- Managing welfare and development orders
- Religious upbringing
- Sporting and recreational activities
- Whether the children are permitted to travel outside Australia
How to contact us
Call us on 07 3849 8170 during business hours or complete the contact form and we will get back to you. Be assured that our call to you will be discrete; we will always check first that it is safe for you to talk and will not email or SMS you without prior permission.
A property settlement should also state whether it provides for lump sum or periodic spousal maintenance. This is important where a separated spouse is unable to support themselves financially due to sickness, physical or psychological incapacity, lack of skills to enter the work force or injury. In such a case that spouse may be able to file an Application seeking an Order that their estranged partner to pay them financial support or spousal maintenance.
Binding Financial Agreement
Once agreement has been reached, if there are no children, an alternative method of finalising your property settlement is by signing documentation known as a Binding Financial Agreement which, provided it is prepared and signed strictly in accordance with the requirements set out under the enforceability requirements under the Family Law Act 1975 it may be declared valid and enforceable. Failure to observe these strict requirements may mean that your Binding Financial Agreement may be varied by the Court especially if it is considered unfair, or even set aside by Order of the Court.
The job of your lawyer
When you engage Peter G Williams and Associates, our role is to fully identify all of the assets and liabilities that make up the property pool. In some circumstances, this may include forensic investigations to find the money trail if partnerships, businesses, trusts and off shore dealings are involved. Our job is also to identify any assets at risk of being sold, transferred or borrowed against by your estranged spouse and to advise you of strategies and remedies to protect those assets.
Once the pool is fully identified and valued, our role is to successfully negotiate with the other party to ensure that you get both what’s rightfully yours now as well as what’s rightfully yours in the future.
What to do now
To resolve your property settlement without going to court, you need legal representation. Here at Peter G Williams & Associates, that assistance can be from either a male or female lawyer. Tell us your preference when you call 07 3849 8170 to arrange an appointment to see one of our friendly solicitors. The first 15 minutes of your consultation with us is free if you mention this offer at the beginning of your meeting with us.