Divorces can be emotionally challenging, and when it comes to the division of assets and property, the process can become even more complex. In Australia, property settlement laws are governed by specific regulations to ensure a fair and equitable distribution of assets for divorcing couples. Forte Family Lawyers, a renowned legal firm, specializes in offering expert guidance and support for couples navigating the intricate landscape of property settlements during divorce proceedings.
Understanding the Role of Property Settlement Lawyers
Property Settlement Lawyers play a crucial role in guiding couples through the complex legal procedures involved in the division of assets. Forte Family Lawyers, based in Melbourne, stands out for their commitment to negotiating property settlements outside the courtroom, thereby helping clients avoid unnecessary litigation and emotional distress.
The Process of Property and Asset Division During Divorce or Separation
- Step 1 – Is it just and equitable to make any order at all?
Determining whether making adjustments to the property owned by each party is fair and reasonable.
- Step 2 – Determine All Property & Assets
Identification and evaluation of the couple’s combined assets, liabilities, and financial resources for a comprehensive understanding of the net asset pool available for distribution.
- Step 3 – Determine Contributions
Assessing the financial and non-financial contributions made by each party during and after the relationship.
- Step 4 – Determine Ongoing Needs
Evaluating the post-separation circumstances of each party, including factors such as age, health, childcare responsibilities, income, and future earning potential.
- Step 5 – Are the orders themselves just and equitable?
Ensuring that the final settlement aligns with the principles of fairness, considering all relevant circumstances.
Comprehensive Asset Distribution in Property Settlement
Property settlement in Australia considers all assets, whether jointly or individually owned, including those acquired before or during the marriage or relationship. The evaluation of assets extends to properties owned by one or both parties, including assets jointly owned with third parties. Moreover, even assets controlled but not owned by a party, such as those held in a family trust, might be subject to division.
Understanding Time Limits for Property Settlement Applications
Time limits are crucial in applying for property settlements, and adhering to them is essential to avoid complications. For married couples, applications must be made within 12 months of the final divorce order. De facto relationships, including same-sex couples, have a two-year window from the date of separation to initiate property settlement proceedings.
Conclusion
Navigating property settlement laws during a divorce can be intricate and emotionally taxing. Seeking the expertise of seasoned legal professionals like Forte Family Lawyers can provide the necessary support and guidance to ensure a fair and just division of assets. Understanding the nuances of property settlement laws in Australia is essential to safeguarding one’s interests and achieving a satisfactory resolution.
