Separation is a significant life event, and its definition has changed over time. Traditionally, it often meant one partner leaving the shared home. However, many couples today experience separation while still living under the same roof. This situation can arise from factors such as financial constraints, shared caregiving responsibilities, and the desire to reduce disruption, especially for children.
A property settlement is the process of dividing assets, liabilities, and financially resources between parties following the breakdown of a relationship.
The aim is to achieve a fair and equitable division that reflects the contribution we and future needs of both parties.
When determining a property settlement, the following factors are considered:
Ensuring Fair Division of Superannuation Assets
At Foye Legal, we understand that superannuation can be one of the most significant assets in a property settlement. Our team ensures that superannuation is split fairly and in compliance with the law, providing clarity and security during the property settlement process.
Superannuation splitting allows separating couples to divide their superannuation entitlements as part of their property settlement. This ensures that superannuation is treated as an asset, similar to property, savings or other financial resources, and is distributed fairly between the parties.
Superannuation splitting can apply to both married and de facto couples in New South Wales under the Family Law Act 1975.
Key Considerations in Superannuation Splitting:
Navigating property division after separation in Australia? Foye Legal provides expert guidance to ensure a fair and equitable property settlement. Protect your future – contact us today.
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Generally, all assets and liabilities held by either or both parties at the time of separation are considered part of the property pool for settlement. This can include the family home, investment properties, savings, superannuation, vehicles, shares, businesses, and debts like mortgages and loans.
The Family Court follows a four-step process:
1) Identifying and valuing all assets and liabilities.
2) Assessing the contributions of each party (financial and non-financial, including homemaking and parenting).
3) Considering the future needs of each party (including factors like age, health, income, and care of children).
4) Determining a just and equitable division based on these considerations.
No, going to court is not always necessary. Many couples in Australia reach a property settlement agreement through negotiation, mediation, or collaborative law. These out-of-court settlements can be formalised by way of Consent Orders filed with the Family Court, making them legally binding without the need for a contested hearing.
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