Property Settlement

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Property Settlement

Often, the most difficult part of a marriage breakdown is dividing the property. Each party wants to get back the assets they brought into the marriage, and as much as they can of assets built up by years of hard work.

The financial and emotional cost of a contested hearing in the Court can be high. The current court delays mean that you can be waiting for a court hearing literally for years if you cannot reach a settlement. The best solution is for the parties to agree on property settlement. The Family Law specialists at Somerville Legal can show you how.

  • First, arrange a confidential meeting with one of our family law specialists, to get an understanding of the property settlement range a Court may award.
  • Next, use this knowledge to sit down with your partner, and try to reach agreement. Even if this is a little less than you may achieve in Court, the savings in costs will make it worthwhile.
  • If your partner is not prepared to negotiate a realistic settlement, come back and see us again. We will guide you through the steps required by the Family Law Rules which must be taken before going to Court. These include the parties giving each other details of their assets and financial resources, and rules requiring the parties to attend mediation.
  • If a settlement is reached, it must be documented, either by Court orders or by an agreement under the Family Law Act. If not, the parties can later change their minds, and make a further claim under the Family Law Act. Documenting the settlement will also avoid stamp duty and capital gains tax on assets transferred as part of the property settlement.

If your former partner still refuses any reasonable settlement, we will take strong action for you in the Family Court or the Federal Circuit . Even after Court proceedings are commenced, there are procedures to bring about a settlement. If this is not achieved, our family law team will fight for you, to get the best possible result from the Family Court or Federal Circuit Court.

Please contact  Peter Lacivita or phone us on (02) 9923 2321.