Property Settlements & Matrimonial Transfers
Ferrall & Co.
Property Settlements
Property Settlements.
Frequently Asked Questions
How does Family Court handle the division of property?
The Family Court takes a four-step approach when determining the division of matrimonial property as follows:
- Determining the net asset pool, that is the value of your assets less the value of your liabilities;
- Assessing the contributions, both financial and non-financial, that each of the parties made during the relationship;
- Assessing the future needs factors of each of the parties;
- Ensuring that the overall result is both just and equitable.
How long after our divorce/separation do we need to sort out our property?
There are certain time frames that are important to remember when separating property. If you are legally married, then your time frame only starts running once you get divorced. Then, you have 12 months after the finalisation of your divorce to finalise your property settlement.
If you are a de facto couple, then you have 2 years from the date of separation to finalise your property matters. In special circumstances the Court is able to extend these time frames. However, it is best to finalise your property settlement as soon as you can.
When should I get a lawyer?
We recommend for people to obtain independent legal advice as soon as they separate. This is due, in part, to the property value being determined on the date the matter is resolved rather than the date of separation. Many things can happen between separation and final resolution. You should always ensure that you are properly protected in the meantime.
How much will it cost me in legal fees?
Resolving your property settlement by consent can be both a fast and cost-effective way of finalising your financial relationship. This can also allow you to move on more quickly with your life.
Family Law.
How Can We Help You?
Family Law
Family legal issues are sensitive and complex, but we can guide you through this time with honesty, integrity and expert advice.
Divorce
When a married couple’s relationship breaks down due to issues that cannot be resolved, the couple has a right to divorce according to Australian law.
Parenting Orders
Ferrall & Co. are passionate about supporting families and seeing the best outcomes achieved, especially for the children involved in a family separation.
De Facto Couples
If you have been in a relationship where you were not legally married, you may be considered a de-facto couple.
Same Sex Couples
Under the Family Law, same sex couples have the same rights in both de facto relationships and in marriage as heterosexual couples.
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