Separation, Divorce and Property Settlement

While there are many emotional issues which surround any relationship breakdown, financial issues are considered with a certain level of detachment. In Australia, we have a “no-fault” system of divorce and, therefore, the reasons for the separation are not usually relevant in property settlement matters.

The law regulating property division, otherwise known as property settlement, is contained in the Family Law Act 1975 (Cth).

Property Settlement Agreement
A property settlement agreement can be finalised as soon as you and your partner have decided to separate. It is important that you understand that you can be living under one roof but still be considered as legally separated.

Married couples do not need to be divorced to agree and finalise a property settlement. This means that before your divorce is officially finalised, you can secure your financial future with a property settlement and thus move on with your life. It is actually recommended that you sort out arrangements as soon as possible. This is because asset values can change over time and valuations are best done nearest to when you and your partner separate.

Considerations taken by the Family Court for Property Division in Australia
The Court has the power to make property settlement orders which alter the interests of each of the parties to the property between them However, before making any orders, whether by consent between the parties or following a trial, there are four main consideration that the Court will follow:
1. Identifying and valuing the property between the parties.
2. Consider the contributions of each of the parties.
3. Consider the future needs of each of the parties.
4. Consider whether the proposed property is just and equitable.

If you are going through a separation and want to sort out your finances and parenting arrangement, Straits Lawyers are now offering online services in both English and Chinese.

Simply purchase our online services via this link: https://straits-lawyers.square.site/product/binding-financial-agreement-consultation-bfa-/5?cs=true

Alternatively, you can email us at info@straitslawyers.com or call at 08 8410 9069 to find out more.

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Please note that this article does not constitute legal advice and Straits Lawyers will not be legally responsible for any actions you take based on this article.