August 10, 2023
Separation & Divorce
It can be a tricky process to navigate property settlement after separation.
Here are some hints about what you need to know regarding property settlement after separation.
A property settlement is an agreement setting out how a couple’s assets and liabilities are to be divided during or after a divorce or separation. Two of the ways the settlement can be reached.
Yes, absolutely. When a relationship ends it’s wise to cut all ties with your ex-partner to avoid them making claims in the future or to extricate yourself from potential liabilities.
The sooner you can decide on your property settlement, the better. You can reach your property settlement at any time as long as you have not been divorced for more than 12 months.
It’s best to enter into discussions with your partner as soon as you have decided to separate, because the values of your assets are calculated at the time of your settlement, not the date of separation. If you postpone that for a later date, assets accumulated after separation will be included in the asset pool to be divided.
All assets and liabilities – individually or jointly owned by both parties – count as property and that includes superannuation entitlements.
Assets include fixed property, the family home, bank accounts, cash on hand, vehicles, business interests, investments, insurance policies, household goods and superannuation.
Liabilities include mortgage and private loans and all debt including credit card, regardless in whose names they are registered.
The quick answer is no. Each relationship has its own unique circumstances, the law allows couples to decide for themselves on how to divide their assets to suit their situation (within reason).
Australian Family Law does however, require the division of property to be just and equitable. If the couple cannot decide for themselves, a final decision will be made by the Court. Factors taken into consideration include:
Yes. If you’re married, you have 12 months from the date your divorce is finalised to apply for a property settlement. De facto partners must apply within 24 months from the date of separation.
Seeking legal advice to negotiate a property settlement is strongly recommended in all divorces and separations. Unfortunately, that may not always be the most cost-effective way, especially in high value complex situations.
Using family mediation is by far the quickest, most effective, least costly and least stressful way of separating in Australia. It is also mandatory if children under the age of 18 years involved. As opposed to litigation where each party hire their own lawyers, in mediation the costs of a mediator can be shared by the two parties.
Mediators do not take sides, remaining neutral throughout the process and are not interested in fault, but focus only on resolving disputes and reach a settlement. They inform both parties of their legal rights and obligations enabling both parties to find their own solutions that are workable, thus avoiding conflict and reducing the level of stress for the whole family.
To get started on your property settlement after separation, speak to our accredited family mediator in Perth today about using family mediation to reach an amicable agreement with your ex.
Accredited Family Mediator in Perth
Ian’s commitment is simple—to help keep separated couples out of the Family Court and minimise their need for lawyers, saving them time, money and anguish. Under Ian’s guidance, separated couples are able to Move On with their lives through family mediation.
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What happens after family mediation depends entirely on whether you reach agreements on all, some, or none of the issues you are seeking to resolve.
The process was so much quicker and easier than I anticipated – after everything I have heard about lawyers! And it was re-assuring for me to know how much it was going to cost at the start, not when it was all over. Thanks, Ian. I’d recommend you to anyone who wants a solution seeker and quick results.
— Bree F, Fremantle WA
Ian, your patience and persistence really helped us get to an agreement I thought we could never reach. I’d recommend you to anyone who wants to get family issues resolved as painlessly as possible.
— Michael G, Safety Bay WA
Thank you once more for your kindness, wisdom and counsel.
— Georgie N, Wangara WA
Ian worked hard to enable us to reach an agreement. He was always happy to discuss and explain everything we needed.
— Cathy & Steve, Subiaco WA