Navigate your separation or divorce with confidence. Our experienced team ensures a fair and equitable division of assets, helping you secure your financial future.
During separation or divorce, asset division isn’t just about ownership—it’s about fairness. Both parties, regardless of past financial contributions, deserve a fair share based on their future needs and past contributions.
Ensure all property and debts, both joint and individual, are accounted for to set a fair starting point.
Accurate appraisals ensure that each asset is divided based on its true worth.
Consider both financial and non-financial contributions made by each party.
Factor in future living expenses, health needs, and financial requirements to achieve an equitable settlement.
Navigate the legal complexities with expert guidance to protect your interests.
Make your settlement legally binding to secure your rights.
Property Settlement Overview: Property settlement is the legal process of dividing assets, including money and property, between separating couples. This process is guided by the principle of fairness, ensuring both parties receive their fair share of the assets accumulated during the relationship.
What Constitutes the Asset Pool? Under the law, all assets held by a couple are considered part of a shared “asset pool.” This pool includes a wide range of items, regardless of whose name is on the title or account. Examples include:
Legal Considerations: Even if an asset is solely in your name or your ex-partner’s, it may still be included in the asset pool if there is a beneficial interest. The court considers both direct and indirect contributions to the relationship when dividing these assets.
Timing for Property Orders: You typically need to apply for property orders within 12 months of a divorce or within two years of a de facto separation. While it’s possible to request court permission to file outside these time frames, such permission isn’t always granted, and seeking timely legal advice is crucial.
Our first step involves a comprehensive consultation where we assess your unique circumstances, gather critical details, and discuss your goals and concerns. This allows us to tailor our approach to best meet your needs.
We meticulously identify and document all assets and liabilities—whether jointly or individually owned. Accurate valuations are then conducted to ensure a fair division.
Our team facilitates negotiations and mediation sessions designed to help both parties reach a fair, amicable agreement. We strive to resolve disputes efficiently without the need for court intervention.
Once an agreement is achieved, we draft and formalize the settlement through legally binding documents—such as consent orders or financial agreements—ensuring your rights are protected and the agreement is enforceable.
Binding Financial Agreements (BFAs), commonly known as “prenups,” serve as proactive legal tools to safeguard your assets in a relationship. Whether established before or during the relationship, a BFA provides a straightforward, cost-effective solution that ensures both parties’ rights and interests are clearly defined and protected. By setting these terms early on, you reduce the risk of future disputes and misunderstandings.
Consent Orders are formal agreements that are approved by the court, making them legally binding. These orders allow couples to mutually agree on the division of assets, ensuring that their agreement is enforceable under the law. Consent Orders are ideal for those who have reached a consensus on asset division and want to ensure their arrangement is upheld without the need for further legal intervention.
Despite the perception that BFAs are unromantic, they are in fact a practical form of protection—much like insurance. While you hope never to need it, a BFA provides a safety net that safeguards both partners’ rights and assets. This proactive measure can prevent potential conflicts and provide clarity in the event of a relationship breakdown.
While it’s possible that you may never need to rely on a BFA or Consent Order, having one in place is a wise and cost-effective precaution. These agreements ensure that asset division is clear, fair, and legally binding, protecting both parties from potential disputes and ensuring peace of mind.
Moving on from a relationship doesn’t have to involve contentious court battles. One of the most effective ways to divide assets is through negotiation, allowing both parties to reach an amicable agreement without stepping into a courtroom.
In a negotiated settlement, you and your ex-partner can mutually agree on how the assets will be divided. This approach not only saves time and money but also reduces stress, helping both parties move forward more peacefully.
To ensure this process is fair and protects your rights, it’s crucial to have a solicitor advocating on your behalf. A solicitor can:
If you’ve previously agreed to an unfair property settlement, a lawyer can still assist. The law requires that any settlement must be just and equitable, so it’s never too late to seek a fairer arrangement.
Consult with our experienced family solicitors today to explore how we can support you through this process.
Mediation is often a more effective and amicable approach to resolving asset division than going to court. It allows both parties to work together to reach a mutually agreeable settlement in a confidential setting, minimizing conflict and stress. For relationships with property pools under $500,000, the Court often prefers mediation, such as a conciliation conference, before considering legally binding orders.
During a conciliation conference, both parties present the necessary documents and participate in discussions facilitated by a judicial registrar. This process is designed to be efficient, typically lasting only a few hours. If an agreement isn’t reached, the registrar may issue orders to guide further legal actions. Opting for mediation not only saves time and costs but also ensures a collaborative approach to asset division, helping both parties to achieve a fair outcome.
Our team of experienced family solicitors is here to support you throughout the mediation process, providing expert guidance and advocacy to help secure the best possible resolution.
When all other avenues for asset division have been exhausted, a judge from the Federal Circuit and Family Court of Australia (FCFCOA) will issue legally binding orders on how your assets will be divided.
In this process, both your solicitor and your ex-partner’s solicitor will present arguments to the court, explaining why you should receive a certain share of the property pool. The court considers several factors, including:
Any property orders issued by the court are legally binding. If you believe these orders are unfair, your solicitor can help you challenge them to seek a more favourable outcome.
When the court evaluates how to fairly divide assets, it carefully considers several key factors:
1. Identify and Value
The first step involves identifying and accurately valuing all assets, liabilities, and resources held by both parties. This comprehensive assessment helps create a clear picture of the relationship’s total property pool.
2. Contributions
The court assesses both financial and non-financial contributions made by each party throughout the relationship. This includes income, investments, homemaking, and parenting responsibilities that contributed to the acquisition, maintenance, and improvement of the property pool.
3. Future Needs
The court considers the future financial needs of both parties, taking into account their income, age, health, and any ongoing responsibilities, such as caring for children or elderly relatives. This ensures that the settlement supports both parties in the long term.
4. Just and Equitable
Finally, the court evaluates whether the proposed settlement is just and equitable, considering the unique circumstances of the case. The goal is to achieve a fair outcome that reflects the contributions and future needs of both parties.
Penny is a leading family law solicitor admitted in the Supreme Court of Victoria.
She has a broad range of expertise across multiple practice areas like family law, Wills and estate planning, and personal injuries, and is currently completing a Masters of Family Law.
A mother of three, Durra Baraz is a highly experienced family law solicitor with a background in HR.
She speaks fluent Arabic and often represents clients who aren’t native English speakers.
Teraseth James is a family law solicitor who focuses on achieving swift, equitable outcomes.
She understands that family violence matters are incredibly emotional, and takes a practical, cost-effective approach to resolving disputes.
If you’re currently going through a separation where children are involved, reading up on the basics of how child custody works in Victoria can be helpful.
There are two main ways to stop your ex-partner from selling assets from your relationship pool without permission: injunctions and caveats.
An interim injunction requires a person to do or not do a certain thing. For example, you could get an interim order to stop your ex-partner from selling your house. Injunctions must be just and convenient, and may be granted unconditionally or with certain terms and conditions.
Injunctions can even be used to do things like hold off distribution to creditors (if your partner owes people money) or stop a trustee disposing of assets under a personal insolvency agreement (if your partner is bankrupt).
In situations where your ex-partner owns real estate, you can lodge a caveat, which is essentially an easier, faster injunction that sets conditions or limitations on the transference of that real estate to other parties.
For a caveat to have its intended effect, it must be valid – always get an experienced family lawyer to help you draft and lodge an effective caveat.
Although it’s possible to divide your property without a solicitor’s help, doing so may mean that you end up with less than what you’re legally entitled to. A solicitor can help you fully understand your rights, get proper valuations for your assets, advocate on your behalf during negotiations, and, if required, present your case to the Court in the best possible way.
There is no fixed amount of time for a property settlement matter to reach resolution. If you and your ex-partner both agree on how your assets will be divided, settlement can be as simple as signing contracts and getting your assets properly valued, a process that can be over in as little as two weeks.
If you don’t agree on a settlement, though, resolution can take much longer. Negotiated settlements can often be reached in about three months, while receiving final orders through a court can take more than a year.
The easiest way to settle disputes is normally by engaging in mediation guided by your lawyer and your ex-partner’s lawyer. It’s faster and more cost-effective than going to court, and can also help maintain an amicable relationship between you and your ex.
Normally, you and your ex-partner will pay your own legal fees. Sometimes, the Court will make a cost order – that is, either you or your ex-partner will be ordered to pay some or all of the legal costs of the other side.
A costs order will typically be made in situations where one party’s behaviour has resulted in financial outlay by the other party. An example is if one party needs to file a court application as a result of repeated non-disclosures by the other party.
If a costs order is made, it will typically only cover a portion (60–70%) of associated legal fees.
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