Property Settlement Lawyers

Property settlement involves dividing assets, liabilities, and financial resources between separating couples. This process includes everything from the family home, investment properties, and savings in bank accounts to superannuation (including self-managed superannuation funds) and debts.

At Eliza Legal, we understand that every property settlement is unique, and our goal is to tailor our approach to suit your specific circumstances. We have a deep understanding of the Family Law Act 1975, and will ensure that any proposed property settlement is a just and equitable division.

A fair settlement considers various factors, such as each party's contributions (financial and non-financial), the length of the relationship, future needs and other relevant circumstances.
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‍Asset Pool Valuation: Accurate valuation of all property assets, including real estate, vehicles, and personal belongings.
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‍Financial Contributions: Consideration of each party's financial and non-financial contributions throughout the relationship.

‍Future Needs: Assessment of each party's future financial needs, including earning capacity and care of dependents.Independent legal advice should be sought to ensure that your particular circumstances are well represented so that you can reach a fair property settlement.

Under the Family Law Act 1975, you must apply for a property settlement within 12 months of divorce (Section 44) being finalised. For de facto couples, the application period is 2 years from the date of separation (Section 90SB). Failing to apply within these timeframes may prevent you from making a claim. It’s advisable to seek legal advice early to understand the steps involved in dividing financial assets with your ex-partner.

Property entitlements for divorce and de facto relationship breakdowns are similar under Australian law but with different time limits for claims. In addition to the time limits, proving the existence of a de facto relationship can sometimes be more challenging compared to a marriage.

Under the Family Law Act 1975 (Section 90SB), de facto couples must demonstrate a genuine domestic relationship, which involves factors such as shared finances, living arrangements, and the duration of the relationship. This can complicate property claims if evidence is insufficient.

A property settlement can be finalised through a private agreement, a family law financial agreement or a consent order. A consent order is a legally binding document approved by the court, while a financial agreement is an arrangement between parties that can also be recognised by the court if it meets legal requirements. Privately organised financial settlements can work for some people, but it is highly advisable to seek legal advice from a specialist family lawyer to ensure the arrangement is fair and enforceable.

A consent order is a legal document approved by the Federal Circuit & Family Court of Australia that outlines the terms of a property settlement or financial arrangement. Once the court approves it, it is legally binding, ensuring both parties are legally obligated to comply with the agreed terms. Parenting matters can also be formalised with consent orders.

A financial agreement is a legally binding contract between two parties that sets out the division of assets and liabilities in the event of a relationship breakdown. It can be made before, during, or after a relationship and requires independent legal advice for validity.

Family court is often not necessary to finalise property matters. Many couples settle through negotiation or mediation and formalise their agreement with a consent order or financial agreement. However, if a settlement cannot be reached, the family court may be required to decide on property division.

Full and frank disclosure means both parties must provide complete and honest information about their financial circumstances, including assets, liabilities, income, and any hidden financial interests. This ensures a fair division of property and is critical for a legally binding agreement.

At Eliza Legal, our property settlement services are designed to be comprehensive and client-focused. We work closely with you to understand your needs and priorities, guiding you through each step of the settlement process.

‍Our Property Settlement Process:

1. Initial  Consultation: We begin with a thorough 90-minute consultation to understand your situation and goals and provide you with preliminary advice.

2. Asset Identification and Valuation: We help identify and accurately value all assets and liabilities.

3. Negotiation: Our team negotiates on your behalf to reach a fair and equitable settlement, avoiding court where possible.

4. Court Representation: If negotiations fail, we provide strong representation in court to protect your interests.Please get in touch with our property settlement lawyers, Melbourne and Mornington Peninsula, to find out how we can help you resolve your family law matter.