PROPERTY DIVISION
Separation and divorce mean a change in your financial circumstances. The division of property is usually necessary and can become stressful.
The outcome of a property division will differ based on a number of different variables that are taken into account, so the amount you receive depends on the facts of your matter and your personal circumstances.
There is no one-size-fits-all approach and it is a (well perpetuated) myth that your partner will automatically receive 50% of everything you own.
The majority of property matters require some assistance from legal professionals. To give effect to a transfer of property or a superannuation split, a binding agreement or court order is usually required by the bank or superannuation fund.
Property division includes the following assets, where relevant:
- Real estate
- Businesses
- Superannuation
- Vehicles
- Bank accounts
- Shares
as well as any debts such as:
- Mortgages
- Loans
- Credit cards
- HECS/HELP student debt
In general, the factors that are taken into account in calculating a property division are:
- What the assets are valued at
- What financial resources, income and debts each party has
- What contributions each party has made to the acquisition of the assets (both financial and non-financial) including inheritances and gifts from family members
- What future needs each party has that affect their financial future (such as discrepancy in income and care of children)
- An assessment of whether the overall result would be just and equitable in all the circumstances
To enable us to provide advice in relation to your matter, we need to first obtain information regarding your specific circumstances. In our initial meeting with you, we will explore with you the likely outcome of a division of your property and what strategic approach will obtain the best outcome for you.
We are also able to assist you with complex financial matters including high conflict and high net worth matters.