Family law can be a tricky space to navigate, especially to the inexperienced. Because of the personal nature of the social bonds that this aspect of law pertains to, it’s important to know the issues and the challenges that can arise from property disputes, and how to minimise these by knowing the basics of property settlement, which skilled family lawyers can help with.
How is property divided in family law?
Property does not only pertain to real estate in this case, but can also refer to cars, furniture, businesses, and even shares owned. The Court needs financial statements from the parties concerned in order to identify and value all assets, liabilities, and financial resources available to each individual.
This also includes a valuation of all the contributions made into the relationship until the trial commences. This includes non-financial types of contributions for property maintenance, financial contributions such as wages or inheritances, and contributions for the wellbeing of the family, such as parenting. All of these are taken into consideration when physical property is divided in family law, as the main goal of the Court when it comes to property settlement is to ensure that it is just and equitable for all concerned parties after taking into consideration their specific circumstances.
How do you resolve a property dispute?
It’s important to note that before going to court, you must have made a genuine attempt to resolve the property dispute privately. Property and financial orders from the Court can only come after the pre-action procedures have been done, and this means that there must be some form of dispute resolution that was attempted prior to the application, a letter sent to the other party detailing your position in the property dispute and the terms for settlement that you are willing to agree on, as well as consent and compliance with the duty of disclosure.
While there may be no settlements agreed on in this phase, having a family lawyer will not only make this process easier, but can also provide clarity to the positions of all persons involved, as well as reduce the costs and time that it takes when the case goes to court. So even if you work out how to divide your property without going to court, it is still recommended to seek legal advice from your family lawyers.
How long after separation can you claim property settlement?
Depending on the type of relationship you had, this differs. For de facto relationships, there is a time limit of 24 months from the date of separation to finalise property settlement. If married, you are alloted 12 months from the date of the divorce order to finalise your financial matters. And don’t forget, the court cannot grant a divorce until it has been proven that you and the other party have been separated for at least 12 months after the relationship has ended, as well.
This article does NOT constitute legal advice and should be taken as general information only. Each individual’s situation must be considered in isolation. Please see your qualified Lawyer for advice specific to your situation.