At Salerno Law our Family Lawyers can guide you through the often complex and stressful process of separating finances and dividing marital property.
It does not matter if you are married or de facto or if property is in your name or the name of your ex-partner, all property must be included in the property pool for division. You and your partner must disclose all assets and your financial position and continue to do so throughout the settlement process.
The process can be explained in 4 steps. Step one is to identify the assets of the marriage or relationship regardless of when they were acquired and who’s name they are held in. The value of the assets is taken at the time the assets are divided. Step two considers the contributions that each party has made to the assets and to the welfare of the family. These contributions can be financial and non-financial and include caring for children. Step three considers what adjustments should be made to either party by looking at a variety of factors for example your age and health, income and your parenting duties, your financial resources and future needs. Finally, step four determines if the proposed division is fair, or ‘just and equitable.’
Our Family Lawyers and Salerno Law will advise you about your entitlement and options in a property division to finalise your matter.
What am I entitled to in our property settlement?
At Salerno Law our Family Lawyers will assist you to work through the 4 steps and advise you about your entitlement under the law. The court has the power to ultimately decide the division if you and your ex-partner cannot agree. This decision is at the discretion of the Magistrate and is based on the facts before the court. At Salerno Law we will explore all options to settle your matter by agreement. If agreed your property division can be recorded and finalised by way of Consent Orders or a Binding Financial Agreement. We will advise you about these options.
You and your ex-partner must exchange financial documents and this process is call disclosure. We can complete asset searches and navigate trust and company structures where further assets and financial resources may by uncovered.
It is important to know that there are time limitations on bringing your property matter before the court and our Family Lawyers at Salerno Law can advise you about these deadlines.
Call us to arrange an initial consultation with one of our Family Lawyers and we will provide you with advice and a plan moving forward to start the process of separating financially from your ex-partner.