Property Settlements

The general approach taken in property settlements is to take into account the history of the relationship in terms of what each party brought into the relationship when they first lived together and what they accumulated together as a couple during the relationship. Contributions include not only financial but also non financial.

 

Other factors that are taken take into account when working out what is ‘fair and equitable’ relate to the age and state of health of the parties, current income earning ability and capacity of both parties and the length of the marriage and how the marriage has affected each party’s earning ability and whether or not either party has the care and control of any children under the age of 18.

 

The above factors will help to determine what each party should receive in terms of property division.

 

Ways in which property disputes can be resolved are:

1. Parties reach agreement by consent and this agreement is filed and approved by the court;
2. Parties enter and execute a Binding Financial Agreement;
3. The matter goes to a hearing before a Judge or Federal Magistrate and Orders are made as to how the property will be divided.

Generally 95% of parties enter into an agreement by consent and have this agreement approved by the court.

We can provide additional, more specific advice on all of the above when you contact our offices.