Property Settlements – Binding Financial Agreements; Why you need a Lawyer
It is tough to work out what you should retain and what your ex should retain isn’t it?
You and your spouse have put everything into your relationship to build a life together and now you have to work out how to divide it all up between you. Where do you start?
At Fedorov Lawyers we make this easy for you to work out your property settlement. We look at the following steps to work out what you are entitled to:-
Step One – What do you have?
We need to establish your net assets and liabilities. This includes all property regardless of what name it is held in, or when it was acquired. Superannuation is also included in the asset pool.
The Court will also take the value of each of the assets as at the date that you appear for a trial- not the date that you separated. This is very important to remember.
Step Two – How did you get those assets?
The Court considers the contributions made by both of you. Contributions include financial and non-financial contributions (e.g. caring for children).
The Court will take into account all of the contributions made by both of you and can take into account contributions that may have been made by others (such as your extended family) on your behalf.
Step Three – What else should the Court take into consideration?
The Court then considers your future needs by looking at things like:
- Your age and state of health;
- Whether you have the care and control of the children of the relationship under 18 years of age;
- The standard of living which is reasonable;
- The income, property and financial resources of each of you and the physical and mental capacity of each of you for appropriate gainful employment;
- The duration of the marriage and the extent to which it has affected the earning capacity of either party;
- The need to protect one of you that may wish to continue their role as a parent.
and may make a further percentage adjustment if needed to take into consideration those factors.
Step Four – Is the division ‘just and equitable’?
The Court must be satisfied that the division is ‘just and equitable’ that is, fair for both of you.
Using the above steps we can work out for you what your entitlements are so that you can try and negotiate a settlement yourself or we can negotiate for you as this is our specialty.
Call Fedorov Lawyers today on 1300 768 719 to find out what you are entitled to and for some strategic advice on what to do next.