When a relationship breaks down, one of the pressing questions is how the assets, liabilities and superannuation owned by either of the parties or by them jointly will be divided between them.  This is generally known as a property settlement.

Contrary to belief by some, every case is different and there is no “one size fits all” in terms of potential outcomes.  For example, it is simply untrue that once parties have been living together for 2 years, there will be a 50/50% property settlement.  

Our team of specialist family lawyers regularly advise clients about the law relating to property settlements and what their overall property entitlements may be.  This requires consideration of a number of factors, including the duration of the relationship, the asset pool, the financial, non-financial and homemaker/parent contributions made by each of the parties to date and the future needs of each of the parties.  Ultimately, under the Family Law Act, a property settlement must be “just and equitable”.

Some common issues to navigate include:

• Who will keep the former matrimonial home, or will it be sold?

• What happens when the parties run a business, and how will a business be valued?

• How will investment properties, share portfolios, superannuation and other assets be divided between parties, and how will liabilities be treated?

• What will happen to corporate structures and family trusts?

• What are the taxation consequences of any proposed transactions, and is tax relief available as a consequence of marriage breakdown?

• Does any action need to be taken to preserve or secure property?

• Do any investigations or valuations need to be completed in order to properly identify and value marital property?
  

Our Bayside family law firm provides high-quality advice to clients in relation to property settlement matters.  We present clients with a reasonable range of options and assist them to achieve beneficial outcomes, whether through negotiation, mediation or litigation.