Dividing property after separation
Understanding property settlement basics
Property division during separation involves more than splitting assets equally. Australian family law considers multiple factors to reach fair outcomes that account for each person's contributions and future needs.
What makes up the property pool/
The property pool typically includes assets and debts acquired during your relationship: the family home, investment properties, superannuation, cars, furniture, business interests, bank accounts, and credit card debts.
Assets brought into the relationship or received as gifts and inheritance may also be considered, depending on factors like relationship length and how they were used during the relationship.
The four step approach
Australian courts and mediators typically follow this framework -
Identify and value all assets and debts
Consider each person's financial and non financial contributions
Look at future needs like age, health, care of children, and earning capacity
Check whether the proposed division feels fair overall
Gathering your financial information
Compile recent statements for bank accounts, superannuation, investments, and property valuations. Include recent pay slips, tax returns, and any business records.
This transparency helps mediation proceed smoothly and builds trust in the process. It also ensures both parties can make informed decisions about settlement options.
Superannuation matters
Super often represents a couple's largest asset after the family home. Splitting superannuation requires specific legal processes and has different rules from other assets.
Don't overlook this significant part of your settlement. Understanding superannuation splitting options helps you make better informed decisions about your financial future.
Practical next steps
Before making permanent decisions, consider temporary arrangements for immediate expenses and housing needs. These arrangements can provide breathing space while you work toward final resolution.
Family dispute resolution can help you explore creative solutions that work for your unique situation without the cost and stress of court proceedings.
Getting professional guidance
Property settlements have long term financial implications. Working with experienced family dispute resolution practitioners helps ensure you understand your options and the likely range of outcomes before committing to any agreement.
Our experienced family dispute resolution practitioners across Sydney, Melbourne, Brisbane, and Hobart provide confidential, supportive guidance through collaborative property settlement processes. Mediation can be in person or online Australia wide. Mediation may be conducted in separate rooms whether in person or in an online setting. This is called shuttle mediation and is quite often the choice of separating partners.
The information contained in this article is general in nature and does not constitute legal advice.