Property Settlement

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 trusted team of property settlement experts on the Sunshine Coast and in Townsville, dedicated to helping you achieve the best possible outcome.

While some parties may amicably agree on asset division, others may not, or disagreements may arise when documenting their agreement. Whether you already have an agreement and want it formalised so it is enforceable, or you need our assistance in reaching an agreement, our team is here to help.

Contrary to popular belief, assets are not always divided equally. The division can be agreed upon by the parties, or, if the Court is involved, it first decides whether a property adjustment is necessary or if the property remains as it is. If the Court considers a settlement appropriate, it takes into account various factors including each party’s contributions, financial and non-financial, and as homemakers and parents, as well as future needs such as income earning capacity, care of 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 final separation. If an application for property settlement or spousal maintenance is made after these periods, leave of the Court must first be obtained, which is not automatically granted.

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

    • 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.  

    • 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. 

    • 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.

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

    • 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.

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

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

    • 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. 

    • 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.

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