Separating from a partner can often leave you with plenty of question marks. There’s so much to figure out between the two of you emotionally, but there’s also the legal aspects to consider. Terms such as child living arrangements and family dispute resolutions often start coming into the mix.
Among those concepts, property settlement is something that’s often mentioned. Most people associate the grappling of this settlement post-separation, but what exactly is it, and do you need it? Here’s what you should know about property settlement upon separating from your partner.
Understanding What Property Settlement Is
Property settlement is defined as an arrangement between two separated parties. The goal of that settlement is that the ex-couple will divide all of their accumulated possessions between one another. These belongings are assets, liabilities and the finances that they’ve had over the course of their relationship together.
A property settlement case can often be resolved with or without getting into court. However, no matter if there’s a dispute or not, it’s definitely best to get a family law expert. Having an experienced legal professional on your side will enable you to handle property settlement and get a fair result out of it.
Checking the Property Settlement Criteria
There are rumours about how a property settlement isn’t needed if a couple hasn’t reach the two-year mark as they haven’t been considered as a de facto relationship under the law. This can be true under most circumstances, especially if it was short-lived and there were no financial decisions made with each other.
However, financial moves that two people make as a couple is assessed more rather than the amount of time they’ve been together. For example, de facto partners who own a house together, share a bank account and have different assets between them like a car should definitely have a property settlement.
Those who have been living together and covering those expenses throughout that time may also undergo property settlement. If you are uncertain about whether or not your relationship prior to the separation fits the criteria for getting a property settlement, don’t hesitate to get in touch with a legal professional.
Getting a Financial Agreement
As implied above, there is a world wherein property settlement can be decided without getting into court. A dispute is very common between two separated partners, though. It could be because of a miscommunication or an imbalance with the proposed settlement. Because of that, everyone is encouraged to go to the Family Court for assistance and a settlement case.
Having a formal and fair Financial Agreement may help you and your former partner clear things up about the existing assets, liabilities and finances that can be divided. A good overview of everything both parties had owned together can make it easier to divvy up every shared property.
Getting a Financial Agreement can also make it simpler to have properties transferred and get the financing you need after separation. It also ensures that your partner would no longer be able to affect your future financial circumstances.
It is highly likely that you need property settlement with your ex-partner if you have many intertwined financial decisions and many properties between you two. Difficulties can arise, so be sure to have a legal professional who can handle the situation for you.
Looking for family lawyers in Redland Bay? Bickell & Mackenzie is a law firm that specialises in family law, conveyancing and wills and estates. Contact us today!