9 frequently asked questions about property settlement in Australia
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Dividing your assets and property is a difficult thing which is why when you are going through separation or any other situation, you need to get your property settled. It is wise to get in touch with the experts of property settlement lawyer in Adelaide because understanding the laws can be difficult. To help you get a better idea of how the entire thing works, here are the top 10 facts about property settlement that can guide you better –
What is property settlement?
When you are in a marriage or a de facto relationship, there will be financial ties between two people. In case of certain situations where the properties, for example a house or a car needs to be divided between them, what needs to be done is referred to as property settlement. Each situation is different just like every relationship; so, it is best left to the experts to understand what should be done.
Is property settlement required for separating couples?
Yes, it is important to have a clear understanding about the financial ties with your ex partner which can otherwise become a big claim in future.
How to start the settlement process?
Whether or not it will go through an amicable agreement, the best way to get it done is through the help of an expert. A letter is drafted from one party to another stating about the entitlements and how to mediate the entire procedure. Sometimes, it can even go up to court proceedings depending on the value of the property and the assets. It can be managed through the property settlement process.
What exactly is a property?
This will include everything that will come under the ownership or control of the parties in the relationship. It can include everything from the real estate to company ownership, superannuation, cash in bank accounts, shareholders, antiques, vehicles, jewellery, artwork and much more. If there are some other financial resources as well they should also be taken into account. In fact, there can be interests in deceased estates and family trusts which are also counted under the list of properties.
What is the time constraint for the settlement?
It can start any time after the separation between the two but the ideal time is to start as soon as the separation is announced.
How to formalise the settlement?
There can be negotiations through which you can reach an agreement and an ideal way would be to finalize a property through consent orders where both the parties have to agree to the decided order by the court. There can also be reached an agreement known as the binding financial agreement which should be prepared carefully by the lawyer and should be signed by the parties.
How is it calculated?
There is a Family Law Act and the court will be there to find out what is in the property pool like the liabilities and assets and how both the financial and non-financial parts can be separated.
Is it necessary to go to court for property settlement?
Generally, for most cases it is not required to reach to the court or go for a trial. Even when some of the rare cases will take you up to court proceedings, it will not generally go till the final trial.
What to do when one party is not interested in property settlement?
If there is any form of refusal to mediate or negotiate then the next step would be to have an application for property settlement. In this case, both the parties need to appear before the court and have a clarification on the issues. So, even if the party is not interested, there has to be a sort of property settlement regardless of their disinterest.
