Following separation, parties often do not know what property settlement that they are entitled to and seek legal advice to find out what their entitlements are. Under the Family Law Act, the Courts have a wide discretion in determining an appropriate property settlement and take into account the following factors when determining a property settlement:
- establish whether it is just and equitable to make an alteration of the parties’ property interests;
- identify the property of the parties, irrespective of whether that property is in the name of one of the parties or in their joint names or in the name of a company owned by one or both of the parties or a trust controlled by one or both of them;
- assess the financial and non-financial contributions made by the parties towards the acquisition, conservation or improvement of the property;
- assess the contributions made by the parties towards the welfare of the family;
- assess the future needs of the parties, for example their age, health and income and whether they have the responsibility for caring for a child;
- assess whether the proposed settlement is just and equitable in all of the circumstances.
Farrell Family Lawyers have extensive experience in advising clients in a wide range of property matters, including complex matters involving companies and trusts. We can provide you with advice about your options and entitlements to empower you to make informed decisions. We aim to provide a favourable negotiated settlement for our clients in conjunction with alternative dispute resolution processes. If you reach agreement about your property settlement, we will draft Consent Orders formalising the settlement without the need for you to appear in court. If settlement outside of the court process is not possible we will advocate for you in court to achieve the best possible outcome. We invite you to contact us for further information about property issues.