What does it mean?
This is what needs to be done in the event of a breakdown and/or separation of a marriage or de facto relationship.
A Property Settlement involves the adjustment and or splitting of assets (things you own) and debts (things you owe) between spouses. While this is often done at the end of a de facto or marriage relationship, some prefer to take a proactive approach and resolve these matters before or during their relationship. This can be done.
What you may be entitled to for Property Settlement depends on several factors, including financial and non-financial contributions (see our FAQ for what this means) as well as future focused factors, such as your earning capacity and the care of children.
The process for assessing what you might be entitled to in a Property Settlement involves determining the assets and debts of you and your former partner, considering whether it would be just and equitable to adjust those assets and debts between you, assessing the contributions that have been made by each of you during your relationship, and assessing any relevant future factors that need to be considered to result in a just and equitable outcome. It is important to note that just and equitable in this context does not necessarily mean equal.
Whatever category you find yourself in, we are here to help. We can comprehensively advise you about your entitlements and the best way to structure a settlement so that you can make the best decisions for your future.
If you need expert help or advice, call RobertsLaw now on 07 5530 5700 to make an appointment with our Family Law Accredited Specialist, Amanda Tomlinson.