You’re at the stage when you need some advice on property settlement and separating your property between you. It may be that you and your spouse/partner are still on good terms and can decide on the split amicably.
Alternatively, you and your spouse/partner may need some legal advice and assistance in negotiating your property settlement.
What our clients have to say
What is property settlement?
Property settlement is the process to formally split assets after a separation. ‘Property’ refers to more than just a marital home and can also include furniture, money in bank accounts, insurances or superannuation. Property settlement can be carried out before a divorce is finalised.
Ready to get started now?
Do I have to be married? Or is it ok to be in a de facto relationship for property settlement?
No, the law is the same for both married couples and couples in a de facto relationship (after approximately March 2009). The law is different for each state so we can advise on your relationship in New South Wales.
A de facto relationship can be between members of the same sex or opposite sex. You can even be in a de facto relationship while married to someone else!
How can a lawyer help with property settlement?
If you cannot split your assets and liabilities amicably, you may need advice from a lawyer to help negotiate on your behalf. You may also see a mediator.
Once you have agreed on the property settlement, it should be formalised with the court by Consent Orders or by a Binding Financial Agreement (BFA) (Separation Agreement). If property is transferred subject to Orders, then no stamp duty is payable by either party.
You may have heard of pre-nuptial agreements made by parties before or during marriage. If the Agreement conforms with the requirements of the law, it is binding. So couples may already have organised their finances well before divorce.
Do I have to go to court?
Only if you cannot agree on the property settlement.