Property Settlement Lawyers Gold Coast Brisbane
Binding Financial Agreements—Why you need a Lawyer
It is tough to work out what property 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 Family 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.
Four Steps To Property Settlement
Property Settlement 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.
Property Settlement 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.
Property Settlement 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.
Property Settlement 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.
Why You May Need A Lawyer To Navigate Your Property Settlement
The first thing you need to know is, consulting a family lawyers for your property settlement need not run up big bills. That can happen in rare instances where a particularly vexatious divorce exists. In many instances, family lawyers can find ways to save money and (importantly) make your settlement binding.
Without a dedicated family lawyer you may be putting yourself in a positon where you will not get what you are entitled to. If you're not taking advantage of the expertise required to know how assets are settled then you are likely unable to split those assets fairly. As you can see form the four steps above, there are many factors that weigh in when deciding a property settlement.
There are expenses involved in settling property but some don't apply to divorce settlements. For instance, stamp duty can be exempted in Queensland. A family lawyer will help you negotiate the benefits available to you.
Finally, for a settlement to be binding, it has to be legally settled.
Alternatives To Property Settlements—Gold Coast & Brisbane
Collaborative law is an innovative way to resolve family law disputes respectfully, without going to Court. Marie Fedorov is a Collaborative Family Lawyer on the Gold Coast who can help you to have an easier divorce.
For Property Settlement Lawyers Gold Coast & Brisbane Call Fedorov Family Lawyers
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. For details see our contact page.