Property Settlement Lawyers Parramatta, Sydney
How does property settlement work?
Before applications for property orders are filed with either the Family Court or the Federal Circuit Court, both parties are ordered to undergo “pre-action procedures”.
In most cases settling the matter out of court will save you time, money and emotional angst.
An out of court settlement can be formalised by a Financial Agreement or Consent Orders, which are a written agreement, approved by the court as fair and legally binding.
If the matter can’t be settled out of court then an application for property orders must be submitted to either the Family Court of the Federal Circuit Court, no later than 12 months after your divorce is finalised.
How are assets divided?
The division of assets depends of a number of factors, including:
- the length of the relationship
- whether there are dependent children
- what assets were bought into the marriage and by who
- who contributed financially and non-financially during the marriage. Non-financial contributions include things that added value to the asset pool such as renovating a house.
- wastage – money spent on gambling, drinking, drugs, prostitutes, etc.
- parental contributions such as helping children with homework, taking them to school, spending time with them etc.
- domestic contributions. The use of paid domestic help (i.e lawn mowing, cleaner, ironing lady) is often a factor in discounting the amount of domestic contributions provided by the person claiming that it was their responsibility
- age and health
- their capacity to earn money
- new relationships (and new financial circumstances)
What happens with Superannuation?
Superannuation is dealt with separately to property orders, however, the court will factor it into a decision.
To find out more or to get help with your divorce or property settlement, contact Alan Rigas Solicitors on (02) 9635 5333.