If you have recently separated take steps today to understand your entitlements and options to protect yourself from a future claim. If you understand your entitlements you will be best placed to make reasonable and informed decisions. That’s where we come in!
To work out your entitlements in a property settlement, the Court takes the following steps:
To work out the current value of your property pool (including superannuation);
Consider any financial and non financial contributions made by the parties (taking particular note of any gifts of money, inheritance or windfalls);
To make an adjustment for any future needs such as care of children, health problems and/or income disparity;
To decide what overall division is just and equitable and how best to divide the property pool.
It is important that you obtain advice about this process quickly once you separate as time limits do apply.
If you can reach agreement about your property settlement, you need to ensure that agreement is formalised in a legal way. If you do not do this you may leave yourself open to a future claim and you may not be entitled to stamp duty or capital gains tax relief.