Property Settlement After Divorce
Statistics show that in Australia at least one-third of relationships end in divorce or separation. Usually, we don’t find accurate information about property settlement after divorce or separation. Different cases have different results. All cases are decided according to the given facts, and the result of each case is different. Misconceptions about property settlement: Each […]
Property Settlement After Divorce
Statistics show that in Australia at least one-third of relationships end in divorce or separation. Usually, we don’t find accurate information about property settlement after divorce or separation.
Different cases have different results. All cases are decided according to the given facts, and the result of each case is different.
Misconceptions about property settlement:
Each case of a property settlement after divorce has different results. We hear different wrong statements from our clients. Let’s have a look at the wrong divorce property settlement examples in Australia.
- Everything is divided equally: People think that the property is divided equally among both parties. The truth is that there is no such rule. Also, there is no mathematical formula for dividing property. It is decided according to the given facts.
- To get a property settlement you will have to go to court: This myth is also not true. There are only 5% of couples who have to visit the court. All other cases are resolved through mediation, or by a solicitor-to-solicitor negotiation. After they agree about dividing their assets, they write an application for consent orders and the court just approves the application. They don’t even have to go to court.
Can I apply for a property settlement if I was in a de facto relationship?
Recently there were no such rules for de facto relations.
But now Family Court and the Federal Court can make financial decisions for couples who were in a relationship.
How property is divided?
After divorcing in Australia property settlement is decided easily. But sometimes, you may have to visit the court. So, you must be prepared for it. Let’s know about the basic rules about divorce property settlement. The court does not have a formula for dividing the property. No one knows about the exact results of the case. The judicial officer will decide according to the given facts of your case.
The family law act 1975 has declared the general principles which are followed by the court while deciding financial disputes after the divorce, also there are rules for property settlement after the ending of a de facto relationship. See sections 79(4) http://www6.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/fla1975114/s79.html
To know about property settlements after divorce. If you were in a de facto relationship then you may look at 90SM(4) http://www6.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/fla1975114/s90sm.html
The basic rules are the same whether you were in a marriage or a de facto relationship.
- Working on the properties that you owe.
- What was the contribution of each party to the marriage or de facto relationship? For instance their salary.
- The court will also consider gifts and inheritances from each party or their families.
- The court would like to know about the non-financial contribution of each party, for example caring for children or homemaking.
- The court will look at future possibilities according to one’s health, financial status, custody of children, and whether he or she can have the ability to earn.
The division of assets will depend on your financial status. You may get more or less according to your condition.
What is the time limit for the application of property settlement?
Property settlement after divorce has a time limit. In case of a divorce you should for this application within 1 year of the divorce becoming final. If you were in a de facto relationship, it expands to two years after the breakdown of the relationship.
If you were not able to apply in the given you will have to get special permission from the court to apply this application.
Is it good to have a property settlement?
If your financial condition is not good then you should go for property settlement. But, the court has the authority to decide about property settlement. If the court finds that it is suitable to divide property then the court will not allow it.
It is all based on the given facts and circumstances. If the court decides not to allow property settlement then both parties will leave with the properties under their name and possession.
Explain the property pool:
In the property pool, all the assets and liabilities of both parties are included, it also includes assets in joint names. It can include a house, a townhouse, or a block of land. It can also be a business vehicle, motor vehicle, camper, boat, bank account, or shares, and nowadays bitcoin is also included. In liabilities loans like mortgage, personal loan, and business loan is added, also credit card, debt Australia is included in liabilities.
What about property sold after separation or divorce?
If a party sells one or more of its properties after divorce or separation, these properties are added back to the property pool. It is good to negotiate with the other person before taking such a step. The same procedure should apply if you purchase a new property.
How will financial agreements help?
These agreements are just like contracts. In these agreements, parties decide how they want to divide the property. The couples in a marriage or de facto relationship candy go for financial agreement. You can make these agreements before, during, or after your marriage.
If you are thinking of making such agreements then you should understand the terms and conditions of the agreement. Before signing the agreement you should receive legal advice. This agreement can save a lot of time. The property settlement after divorce gets easier if you have such an agreement.
How can Mackay family lawyers help?
At Mackay family lawyers we have the most experienced lawyers for divorce property settlement. We can deal with all kinds of property issues. We have made many satisfied clients. We can help you get your truth right.
A few more questions:
Here are some commonly asked questions about property settlement after divorce.
How divorce property settlement is decided?
The easy solution to this problem is that you should decide how to divide property by discussion. But most couples don’t agree with this solution so you will have to go to court. In court, the judge will decide according to the stats provided by both parties. The decision changes according to one’s financial status.
How can I apply for divorce property settlement after the deadline?
You will have to tell the court about the cause of the delay. You must show them that your life or the life of the child will get harder if the court does not allow you to proceed.
What is meant by Binding Financial Agreement?
The Family Law Act allows couples in a marriage or in a de facto relationship to agree to property settlement if their relationship breaks down. This agreement is called the Binding Financial Agreement. In this agreement, the court is not involved in any kind of property matters. The court is involved if this agreement is terminated by the parties.