Property Settlement

The process of dividing assets, liabilities, and financial resources including superannuation, is a crucial step after separation. Pippa Colman Family Law is your go-to team of Sunshine Coast property settlement experts, dedicated to help you get the best possible outcome. 

While some parties may amicably agree on asset division, others may not agree, or they may fall out when it comes time to document their agreement.   Whether you agree and want your settlement recorded so it is enforceable, or you want our help to get to an agreement, then please call the team at Pippa Colman Family Law.

Contrary to popular belief, assets are not always divided equally.  The division can be agreed.  If the Court is considering how to divide the property, then the Court’s first decision is whether or not any property adjustment is necessary or does the property stay as it is now.  If the Court considers a settlement is appropriate then the Court considers various factors including  the contributions of the parties, financial and non-financial and as homemakers and parents, and the future needs of both parties where the court considers many factors including income earning capacity, care of the children and child support.

If parties cannot reach an agreement, specific time requirements apply for making an application to the Court. Married couples have 12 months from the date of their divorce, while de facto couples have 24 months from the date of their final separation in which to make an application. If the parties want to make an application for property settlement or spouse maintenance after those times expire, then they must first obtain the leave of the Court, which is not automatically granted.

We can assist in the following areas of a property settlement:

1. Property Division

• Asset Valuation: Engaging experts to the value of marital assets, including real estate, investments, businesses, and personal property, and advising on valuations.

• Asset Division: Legal assistance in dividing assets and debts between spouses, ensuring a fair and equitable distribution according to state laws.

• Hidden Assets Investigation: Working towards locating any assets that one party may be attempting to conceal.

• Settlement documents:  assisting clients in preparing settlement documents which may include a Binding Financial Agreement or Consent Orders.  

2. Spousal Maintenance

• Determination of Need and Amount: Assessing whether spousal maintenance is appropriate and, if so, calculating the amount and duration based on factors like the length of the marriage, standard of living, and each spouse’s earning capacity.

• Responding to claims for Maintenance:  advising clients on claims for maintenance which have been made, and preparing any necessary response. 

4. Business Valuation and Division

• Valuation: Assisting in determining the value of a business owned by one or both spouses.

• Division: Developing strategies for dividing business interests, which may include buyouts or co-ownership arrangements and/or indemnity from liability.

5. Superannuation Benefits

• Division of Superannuation Funds: Assisting with the division of industry superfunds, self-managed superfunds, or pension funds.

6. Tax Considerations

• Tax Implications of Divorce: Working in conjunction with financial advisors an accountants on the tax consequences of property division, maintenance, and other financial aspects of divorce.

7. Debt Division

• Assessment of Debt: Identifying debts and determining responsibility for repayment.

• Negotiation with Creditors: Assisting in negotiations with creditors to manage or reduce debt obligations.

8. Litigation and Mediation Support

• Representation in Court: Representing clients in court to resolve financial disputes.

• Mediation Services: Facilitating mediation sessions to reach amicable financial settlements without the need for litigation, or representing you at any mediation arranged within the Court system.

• Arbitration: Representing clients through the arbitration process to resolve financial disputes. 

9. International property

• Documentation and enforcement: Representing clients in matters where property interests are located internationally, to best ensure proper identification, valuation, documentation and enforcement arrangements for those assets/interests.

• Jurisdiction/venue disputes: Assisting clients where there is a dispute raised as to whether or not a court has jurisdiction to deal with a claim, and/or determining in which Court that dispute is most appropriately heard.

Don’t navigate property settlement alone - contact us today or get started online.