Property

Burrell Family Law emphasises the importance of seeking legal advice promptly following separation or before if separation is anticipated for all property settlement matters. This ensures a clear understanding of your rights and responsibilities regarding the fair and equitable division of assets.

Assets, liabilities, and superannuation are valued at the time negotiations for a property settlement commence, not at the time of separation. Therefore, initiating discussions for a property settlement promptly is crucial.

A property settlement can be straightforward for salaried workers with real estate, savings, and superannuation, constituting the asset pool. Inheritances received during the relationship are also included, with the recipient potentially receiving credit in consideration of contributions. The timing of the inheritance is pivotal, with those received later in the relationship or post-separation often treated separately.

Complexities arise if a business is involved, often necessitating assessment by a forensic accountant (Valuer), especially if family trusts are implicated.

The Family Law Act 1975 (“the Act”) provides that a party must maintain the other party to the extent that they are reasonably able to do so, if the other party is unable to support themselves adequately (disregarding any entitlement to Centrelink benefits) and the other party is able to provide such support after meeting their own reasonable living expenses.

Spousal maintenance entitlements are taken into consideration during negotiations for a just and equitable property settlement, unless an urgent application to the court is necessary at commencement of a separation, if one party is left with no financial resources whatsoever.

To ensure the enforceability of any agreement reached with your partner, it must be formalized either through Consent Orders filed with the Federal Circuit and Family Court of Australia or a Financial Agreement. At Burrell Family Law, we provide tailored guidance and support throughout the property settlement process, ensuring your interests are protected and your agreements are legally sound.