A common misconception about property settlements is that you are entitled to half of everything. This is simply not true.
The goal of a property settlement is not what you are entitled to but rather what would be considered just and equitable under the circumstances. These circumstances can include;
- How long your relationship was.
- What each party brought into the relationship.
- What each party contributed to the relationship both financially and non-financially.
- The age and health of the parties.
- Future earning capacity of both parties.
The most important part of a property settlement is gathering together all of the assets owned by each party to the relationship. This means not only what you both own together but also anything you own in your sole name or joint name with another person – such as that inheritance from Grandma or the investment property you purchased with your best friend.
These assets are then put into a property pool and taking into consideration the circumstances of the relationship and the parties, such as those listed above, this pool is then split in a way that is just and equitable.
Another asset that people often don’t think of during a property settlement is their superannuation. This must be disclosed and must form part of the property pool when determining the division of assets. When working out a property settlement, our family law solicitors like to avoid touching either parties’ superannuation and use this asset as a “last resort” and only when there is no other asset available to make the split just and equitable. It is important to note however that if your superannuation makes up a significant portion of the property pool then a superannuation split in favour of your former spouse may be inevitable.
Our family law team understands that no two relationships or circumstances are the same and they strive to ensure that you receive a property settlement that is just and equitable and will allow you to start the next chapter of your life.
Give us a call today to arrange a FIXED FEE initial consultation with one of our family law solicitors. Don’t forget to ask about our finance options!