Going through a divorce can be a quite traumatising experience, with a lot of stressful situations emanating from separation, including division of assets and liabilities, child support, custody, spousal support, alimony, adoption, dependency and child neglect
Surely, passing every single moment through this emotional and stressful process can take the toll on you. At such a juncture in your life, we can help minimize the tension by taking the burden of court proceedings on our shoulders, from starting divorce proceedings to mediation and conciliation.
Division of Assets and Property Settlements
Our property dispute lawyers can assist you in the division of assets and property settlements between you and your spouse now that both of you are parting ways.
- Since property is a wide term, the net asset pool is taken into account, acquired before, during marriage or after separation, including assets of either or both parties. Cars, real estate, shares, savings, jewellery, furniture are some of the assets taken into account while attempting property dispute resolution. Each party is under the obligation to make full and frank disclosure about its financial circumstances
- The value of the net asset pool is determined. property experts may be summoned to provide valuations
- Property is divided on the basis of contribution to the Net Asset Pool. Each party’s contribution to the relationship in the form of financial and non-financial assets is assessed
- Future needs of both parties are assessed taking into account age, income earning capacity, health, property of each party, child support, custody, financial circumstances in the event of a new relationship. The final step involves considering the practical effect of a proposed settlement acceptable to both parties
Once you reach an agreement with your former partner about property settlement, it may be finalised through:
- Consent Orders through the court
- Financial Agreement, binding under the Family Law Act
Our team of family law experts will offer legal advice as to which option is more appropriate for your circumstances.
Some circumstances may require separating couples to provide spousal maintenance if your former spouse cannot adequately support themselves or even meet their reasonable needs while you are in a capacity to do so. Such matters are often considered part of the overall settlement of financial matters.