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Expert Tips for Dividing Assets in a Divorce Property Settlement in Brisbane

Going through a divorce is never easy, and it can be especially challenging when it comes to dividing assets. Property settlements can be a contentious issue, with both parties wanting their fair share. In Brisbane, property settlements are governed by the Family Law Act 1975, which provides a framework for dividing assets fairly between both […]

Expert Tips for Dividing Assets in a Divorce Property Settlement in Brisbane

Expert Tips for Dividing Assets in a Divorce Property Settlement in Brisbane

Going through a divorce is never easy, and it can be especially challenging when it comes to dividing assets. Property settlements can be a contentious issue, with both parties wanting their fair share. In Brisbane, property settlements are governed by the Family Law Act 1975, which provides a framework for dividing assets fairly between both parties. If you are going through a divorce, here are some expert tips for dividing assets in a divorce property settlement in Brisbane.

Understand the Family Law Act 1975

The Family Law Act 1975 is the law that governs property settlements in Brisbane and the rest of Australia. It sets out the principles for dividing assets between spouses, including the principle of a just and equitable division of property. This means that each party should receive a fair share of the property, based on their individual circumstances. To understand how the Family Law Act 1975 applies to your situation, it is important to seek legal advice from a qualified family lawyer.

Consider All Assets

When dividing assets in a divorce property settlement, it is important to consider all assets, including property, cash, investments, superannuation, and personal belongings. It is also important to consider any debts or liabilities that the couple may have, such as mortgages, credit card debts, and personal loans. This will give a clear picture of the couple’s overall financial situation and help to determine a fair division of assets.

Get a Valuation of Assets

Before dividing assets, it is important to get a valuation of all assets, especially property, investments, and superannuation. This will help to ensure that all assets are valued correctly and that each party receives a fair share. Valuations can be obtained from qualified professionals, such as property valuers, financial advisors, and superannuation specialists.

Consider Future Needs

When dividing assets, it is important to consider each party’s future needs, especially if there are children involved. This includes factors such as housing, income, and superannuation. The court will consider each party’s future needs when determining a fair division of assets, but it is important to discuss these needs with your lawyer and make sure they are taken into account.

Negotiate a Settlement

In most cases, it is possible to negotiate a settlement without going to court. This can be a quicker and less expensive option, and it can also help to reduce the stress and emotional impact of the divorce. Negotiating a settlement involves both parties coming to an agreement on how to divide assets. It is important to seek legal advice before negotiating a settlement to ensure that your interests are protected.

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Consider Mediation

If negotiations are not successful, mediation can be a useful option for resolving disputes. Mediation involves a neutral third party who helps the parties to come to an agreement. It can be a less confrontational option than going to court, and it can also be more cost-effective. Mediation can also be a useful option for resolving disputes over parenting arrangements.

Conclusion

Dividing assets in a divorce property settlement can be a challenging and emotional process, but with the right advice and guidance, it is possible to reach a fair and equitable agreement. By understanding the Family Law Act 1975, considering all assets, getting valuations, considering future needs, negotiating a settlement, and considering mediation, you can navigate this process successfully.

FAQ

What is the Family Law Act 1975?

The Family Law Act 1975 is the law that governs property settlements in Brisbane and the rest of Australia. It sets out the principles for dividing assets between spouses, including the principle of a just and equitable division of property.

What is a just and equitable division of property?

A just and equitable division of property means that each party should receive a fair share of the property, based on their individual circumstances.

What assets should be considered when dividing assets in a divorce property settlement?

All assets should be considered, including property, cash, investments, superannuation, and personal belongings. It is also important to consider any debts or liabilities that the couple may have.

Why is it important to get a valuation of assets?

Getting a valuation of assets is important to ensure that all assets are valued correctly and that each party receives a fair share.

Should future needs be considered when dividing assets?

Yes, future needs should be considered when dividing assets, especially if there are children involved. This includes factors such as housing, income, and superannuation.

Is it possible to negotiate a settlement without going to court?

Yes, it is possible to negotiate a settlement without going to court. This can be a quicker and less expensive option, and it can also help to reduce the stress and emotional impact of the divorce.

Protect Your Rights, Preserve Your Peace

Contact Our Accredited Family Law Specialists.

AGS

Should I seek legal advice when dividing assets in a divorce property settlement?

Yes, it is important to seek legal advice from a qualified family lawyer when dividing assets in a divorce property settlement to ensure that your interests are protected and that the division of assets is fair and equitable.