A property settlement is the process which is undertaken to divide property amongst the two parties to a relationship. It is usually undertaken upon the breakdown of a marriage, but also de-facto relationships.
There are several factors to a family law property settlement which the court will consider. These factors can include:
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Assets and liabilities of each party including superannuation
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Domestic duties performed by either party such as household chores
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Who looked after the children
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Gifts received by either party
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How much did each party contribute financially
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Any inheritances
There are certain matters which may be urgent and applications can be lodged for the matters to be heard by the court quickly, before the finalisation of the matter. These include:
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An application that one party continue to pay the mortgage on a property
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An application for maintenance
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An application for the sale of the former matrimonial home
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An application for the sale of an asset or payment of a liability
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An application for exclusive occupation of the former matrimonial home.
Not all matters proceed to be heard in court, in fact, it is best to avoid court action and negotiate a settlement between the parties themselves. However, some matters can only be heard in court. Nevertheless, all settlements must be stamped and approved by the court to become binding upon the parties to the settlement.
How can Prime Lawyers help you?
At Prime Lawyers we have a number of experienced family lawyers who can assist you through each stage of your property settlement. We understand the difficulties which may arise and will treat your matter with professionalism and sensitivity, whilst fighting to achieve the best result for you.