When a marriage or de facto relationship ends, both parties are entitled to make a claim for property of the relationship. This means that either party can apply to have the assets divided between them.

For some couples, when their relationship ends, they are able to divide their assets easily or they may have made an agreement earlier in their relationship. For many people however, figuring out who gets what at the end of the relationship can be hotly contested.

Property and assets encompass a wide range of things, some of which you may not realise are considered property. Such lack of understanding may lead to an unfair property settlement. It’s important to understand what you’re entitled to, which is where we come in.

If you have been married or in a de facto relationship which meets certain criteria, then you are entitled to make a claim for property upon the breakdown of your relationship.

The unique factors of your situation will determine how much you get from a property settlement. There is no set amount or division split. Instead your contributions and future needs play a large role in how a property settlement is decided. Other factors that could influence the outcome include if you have children and the health of each party.

The property settlement process is different in every situation and there is no set formula, however there is a 5-step process that is commonly used as a guiding framework and includes the following steps:

Step 1:    Determine whether or not it is just and equitable to adjust the parties’ interests in property held by either party to the relationship.

Step 2:    Identify and value all property held by either party to the relationship, irrespective of where it came from or when it was acquired.

Step 3:    Consider the direct and indirect, financial and non-financial contributions made by and on behalf of each of you, including contributions in the role of the homemaker. At this stage, a percentage apportionment reflecting those contributions is usually made (for example 50% / 50% for equal contributions by both parties).

Step 4:    To consider, among other things:

1. the age and state of health of each of you;
2. the income, property and financial resources of each of you;
3. the physical and mental capacity of each of you for appropriate gainful employment;
4. the disparity in the income earning capacities of each of you;
5. any instances of family and/or domestic violence; and
6. any commitments that are necessary for each of you to support yourself or any other person,
   and to decide if these factors mean the apportionment in Step 3 above should be varied (for example, if one party has a lower earning capacity than the other, the step-3 percentage may be adjusted by a certain percentage in the lower income earner’s favour);

Step 5:    Consider whether the specific order the Court proposes to make to implement the percentage division decided upon is “just and equitable” in all the circumstances of the particular case and make any necessary adjustments.

Yes. If a couple was married, they have 12 months from the date the divorce is finalised to make a claim for property. If the couple was in a de facto relationship, they have 24 months (2 years) from the date of separation to make a claim for property.  Exceptions do apply, but this is a complex area of law which must be handled by an experienced family lawyers.

The duration of property settlement negotiations can vary depending on the complexity of the case and the willingness of both parties to reach an agreement. It typically ranges from a few months to a year or more. Factors that can impact its duration include the number of assets involved, financial intricacies, emotional dynamics, and the need for expert valuations or assessments.

To protect your interests and ensure a fair outcome during property settlement negotiations, it is crucial to seek legal advice from a family lawyer who specialises in property division. We can help you understand your rights, gather relevant financial information, negotiate on your behalf, and guide you towards a mutually acceptable agreement. It’s important to communicate openly, be well-informed about your financial situation, and consider the long-term implications of any proposed settlement.

Common mistakes to avoid during property settlement negotiations include failing to disclose all assets and liabilities where disclosure has been requested, overlooking future financial needs, rushing into an agreement without seeking legal advice, and allowing emotions to drive decision-making. It’s essential to maintain clear communication, consult professionals when needed, and consider the advice of your lawyer before making any binding agreements.

Spousal maintenance is the financial support provided by one spouse to the other after separation or divorce. It can be a part of property settlement negotiations, particularly in cases where one spouse has a higher income or earning capacity, and the other spouse has limited financial means or faces economic disadvantage due to something arising out of the relationship. The amount and duration of spousal maintenance Orders are determined based on various factors such as the particular need of a party, and capacity of the other party to pay.

If your former partner is uncooperative or suspected of hiding assets during the negotiation process, there are several options available. First, consult with your family lawyer, who can guide you through the appropriate legal steps. This may involve gathering evidence, engaging forensic accountants to trace hidden assets, seeking court orders for financial disclosure, or filing an application with the court to ensure full disclosure and a fair settlement. Your lawyer can help you explore these options and protect your rights during the negotiation process.

Whether your property settlement is highly contested or you’re just finding the process difficult to manage, our support can make a world of difference to not only the outcome but also the entire process.

It’s easy to make mistakes in family law matters, including property settlements, and a small mistake now can impact your long-term financial future.

We’re here to help you avoid costly mistakes and to find the best outcome for your specific circumstances. We understand how difficult the end of any relationship is, especially when there are legal matters like property settlements, to resolve.

If you need property settlement negotiation services in the Townsville or Mount Isa area, get in touch with us today.

Our family law firm is based in Townsville, Queensland, and while we work with many people in the local area and surrounding region, including in Mt Isa, all of our family law services, including those related to property settlement negotiations, are available to people Australia-wide.

Get in touch with us by calling us on 07 4426 1980 or booking a free consultation here.