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Property Matters

 

Myth or reality?

  • We had a long marriage, it’s 50/50 right?
  • The children live with me, I must be entitled to more?
  • I had a house before we met, does that count for anything?
  • I was the ‘bread winner’ and earned the money, they just stayed at home with the kids. I must be entitled to more than 50%?
  • I received an inheritance from my grandparents, does that get considered?
  • I can’t work anymore and relied on my partner for financial support. I have nothing!

 

These are only a few of the concerns our clients have. The unknown for the vast majority of people who have separated from their partner or spouse can often lead to rash and uninformed decisions which can impact on a person’s financial future.

Our first meeting with you

During our first meeting with you, our lawyers will walk you through the property settlement process, obtaining your detailed instructions to ascertain the most cost effective and appropriate way to achieve an outcome that is just and equitable. Where necessary, we can work closely with your financial adviser or accountant to determine the best financial outcome for you. Taxation advice in some matters is extremely important to understand before you sign on the dotted line.

At our first meeting we will look at:-

  • The assets, liabilities and Superannuation benefits owned by you, your former partner, either jointly, individually or in the name of an entity controlled by either of you;
  • The direct and indirect financial contributions made by you, your former partner and your respective families towards the acquisition, conservation or improvement of assets – at the commencement of the relationship, during the relationship and post-separation;
  • The contributions, other than financial ones, made by each of you in the relationship to the acquisition, conservation and improvement of the asset pool;
  • The contributions made by each of you to the welfare of the family as homemakers and parents;
  • Those matters which may have an impact on your future in the context of a just and equitable division of the assets, liabilities and superannuation benefit;
  • Whether there has been, as a result of decisions made during the relationship, an ability for one party to have the better earning capacity in the future;
  • Whether one party’s earning capacity has been or will be affected by ongoing commitments to support children and the impact that has on the ability to obtain and maintain gainful employment;
  • The age and health issues (if any) of one or both of you that may impact on the capacity for appropriate gainful employment;
  • What is the level of financial support being paid for the children of the relationship and what are the care arrangements for your children.

 

Negotiation

At Parry Coates Family Law, we do not suggest to our clients at the first meeting that Court proceedings are a necessity. Instead we provide alternatives to litigation and encourage a resolution using other methods, such as negotiation (through the parties themselves or through us), private mediation, family dispute resolution (FDR) or round table conference. Please see our information about these alternative dispute resolution methods. 

 

Formalising your agreement

When an agreement is reached about your property settlement division, we will guide you through the formalisation process. It is important to formalise your agreement with your former partner, for example, when there is an intended superannuation split or the transfer of the home from joint names to only one party’s name. Agreements can be formalised one of two ways:-

    •    Consent Orders; or

    •    Financial Agreements.

Please see our information about these two methods of formalising your agreement.

Court proceedings

In the unfortunate event that you cannot resolve your property settlement via the above methods, then an application to either the Family Court or Federal Circuit Court may be necessary. The path of last resort.  At Coates Grace Family Law, we will guide and support you through this process, drafting your Court documents and appearing with you at Court events.  

Please also talk to us about time limits that apply if you are divorced from your former partner. 

 

 

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Fact Sheets

Useful information about the processes and procedures of Family Law and how it may impact your circumstances.

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Your first appointment

We're here to help put your mind at ease. Find out what to expect in your first appointment with Parry Coates.

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