Ph: 1300 768 719 Email: reception@fedfamlaw.com.au

Property Settlement Lawyers
Gold Coast & Brisbane

Binding financial agreements—why you need a lawyer

Do you have a property agreement that needs to be settled after separating?

 

At FEDOROV Family Lawyers Gold Coast and Brisbane we make this easy for you to work out your property settlement.  Whether married or in a de facto relationship it is tough to work out what property you should retain and what your other half should retain isn’t it?

 

You and your spouse have put everything into your relationship to build a life together and now you must work out how to divide it all up between you. Without a dedicated family lawyer, you may be putting yourself in a position where you will not get what you are entitled to. So, where do you start?

 

Here at FEDOROV Family Lawyers Gold Coast and Brisbane we look at the following steps to work out what you are entitled to.

Property Settlement Lawyers

Four Steps To Property Settlement

Step One What do you have?

 

We need to establish your net assets and liabilities. This includes all property regardless of what name it is held in, or when it was acquired. Superannuation is also included in the asset pool.

 

The Court will also take the value of each of the assets as at the date that you appear for a trial – not the date that you separated. This is very important to remember.

Step Three What else should the Court take into consideration?

  • Your age and state of health;
  • Whether you have the care and control of the children of the relationship under 18 years of age;
  • The standard of living which is reasonable;
  • The income, property and financial resources of each of you and the physical and mental capacity of each of you for appropriate gainful employment;
  • The duration of the marriage and the extent to which it has affected the earning capacity of either party;
  • The need to protect one of you that may wish to continue their role as a parent.

and may make a further percentage adjustment if needed to take into consideration those factors.

Step Two How did you get those assets?

 

The Court considers the contributions made by both of you. Contributions include financial and non-financial contributions (e.g. caring for children).

 

The Court will take into account all of the contributions made by both of you and can take into account contributions that may have been made by others (such as your extended family) on your behalf.

Step Four Is the division ‘just and equitable’?

 

The Court must be satisfied that the division is ‘just and equitable’ that is, fair for both of you. Using the above steps we can work out for you what your entitlements are so that you can try and negotiate a settlement yourself or we can negotiate for you as this is our specialty.

Four Steps To Property Settlement

Step One

What do you have?

We need to establish your net assets and liabilities. This includes all property regardless of what name it is held in, or when it was acquired. Superannuation is also included in the asset pool.

The Court will also take the value of each of the assets as at the date that you appear for a trial – not the date that you separated. This is very important to remember.

Step Two

How did you get those assets?

The Court considers the contributions made by both of you. Contributions include financial and non-financial contributions (e.g. caring for children).

The Court will take into account all of the contributions made by both of you and can take into account contributions that may have been made by others (such as your extended family) on your behalf.

Step Three

What else should the Court take into consideration?

The Court then considers your future needs by looking at things like:

Your age and state of health;

Whether you have the care and control of the children of the relationship under 18 years of age;

The standard of living which is reasonable;

The income, property and financial resources of each of you and the physical and mental capacity of each of you for appropriate gainful employment;

The duration of the marriage and the extent to which it has affected the earning capacity of either party;

The need to protect one of you that may wish to continue their role as a parent.

and may make a further percentage adjustment if needed to take into consideration those factors.

Step Four

Is the division ‘just and equitable’?

The Court must be satisfied that the division is ‘just and equitable’ that is, fair for both of you.

Using the above steps we can work out for you what your entitlements are so that you can try and negotiate a settlement yourself or we can negotiate for you as this is our specialty.

Four Steps To Property Settlement

Step One

What do you have?

 

We need to establish your net assets and liabilities. This includes all property regardless of what name it is held in, or when it was acquired. Superannuation is also included in the asset pool.

 

The Court will also take the value of each of the assets as at the date that you appear for a trial – not the date that you separated. This is very important to remember.

Step Two

How did you get those assets?

 

The Court considers the contributions made by both of you. Contributions include financial and non-financial contributions (e.g. caring for children).

 

The Court will take into account all of the contributions made by both of you and can take into account contributions that may have been made by others (such as your extended family) on your behalf.

Step Three

What else should the Court take into consideration?

  • Your age and state of health;
  • Whether you have the care and control of the children of the relationship under 18 years of age;
  • The standard of living which is reasonable;
  • The income, property and financial resources of each of you and the physical and mental capacity of each of you for appropriate gainful employment;
  • The duration of the marriage and the extent to which it has affected the earning capacity of either party;
  • The need to protect one of you that may wish to continue their role as a parent.

and may make a further percentage adjustment if needed to take into consideration those factors.

Step Four

Is the division ‘just and equitable’?

 

The Court must be satisfied that the division is ‘just and equitable’ that is, fair for both of you. Using the above steps we can work out for you what your entitlements are so that you can try and negotiate a settlement yourself or we can negotiate for you as this is our specialty.

Property_Settlement_Lawyer_AUS

Why You May Need A Lawyer To Navigate Your Property Settlement

 

From the four steps above, there are many factors that weigh in when deciding a property settlement agreement.

 

The first thing you need to know is that consulting family lawyers for your property settlement need not run up big bills. That can happen in rare instances where a particularly vexatious divorce exists.

 

In many instances, family lawyers can find ways to save money and (importantly) make your settlement binding.

 

If you’re not taking advantage of the expertise required to know how assets are settled, then you are likely unable to split those assets fairly.

 

There are expenses involved in settling property, but some don’t apply to divorce settlements. For instance, stamp duty can be exempted in Queensland. A family lawyer will help you negotiate the benefits available to you.

 

Finally, for a settlement to be binding, it must be legally settled

Alternatives To Property Settlements on the Gold Coast & Brisbane

Collaborative law is an innovative way to resolve family law disputes respectfully, without going to Court. Marie Fedorov is a Collaborative Family Lawyer on the Gold Coast who can help you to have an easier divorce.

 

Family mediation is an out of court solution that helps end arguments between separating families or couples that are divorced. With the help from professionals you can move on without having to go to court. Find out more here

Do I have to go to court?

FEDOROV Family Lawyers offer out of court solutions to quickly resolve family law disputes.

 

Mediation is quick, low-cost practical way to help mediate your disputes after separation. The family mediation process is voluntary and confidential. You can discuss arrangements with an impartial mediator in a safe neutral space. Find out more about our mediation process here.

 

Collaborative law is an innovative way to resolve family law disputes respectfully, without going to Court. Marie Fedorov is a Collaborative Family Lawyer on the Gold Coast who can help you to have an easier divorce.

 

To find out what you are entitled to and for some strategic advice on what to do next Call FEDOROV Family Lawyers today on 1300 768 719 for property settlement and collaborative Lawyers Gold Coast & Brisbane.