Property and Financial Matters
Property and asset settlement discussions are an important step following the breakdown of a marriage. At Dettmann Phair Lawyers, we provide comprehensive advice and representation to ensure that you receive the best possible outcome.
Our team of trained and qualified lawyers have worked on many property settlement cases and have the expertise required to secure an optimal result that is amenable for all parties. We know first and foremost how long and costly litigious settlements can be, our team aims to settle matters before the courtroom becomes involved.
Assets Can Include:
- Liabilities including, debts, loans, taxes, and stamp duty obligations.
1. Identify The Net Asset Pool
The first step of the process is to identify the net asset pool which is essentially listing out all separated and combined assets.
They also assess your liabilities if you have any loans and your credit history. If you owned a property before your marriage, it can still be added to the net asset pool. If you were given an asset post-separation, this can still be included in the pool. Another factor that impacts the pool of assets is if one party had used the money for gambling or to buy presents for a third party.
Every item in the asset pool requires a noted valuation – this can be ascertained by a mutual agreement between both parties or from an expert valuer.
2. Examine Each Parties Contributions
After going over the net asset pool, we examine the contributions from both parties. We examine the financial and non-financial contributions (such as property renovations etc), we also take family contributions into account (such as parenting and homemaking responsibilities) of each party.
3. Future Needs Factors
Next is to assess whether any adjustment is required to be made by both or either party. The court will analyse the future needs of the separated couple such as health, living, earning, children, finances and much more.
4. Division Of Assets
Finally, we check that the division of assets is fair between parties. An application for a property settlement can be made any time after separation.
Any application for a property settlement must be filed within 12 months of a finalised divorce.
If you’re looking for expert legal assistance, Dettmann Phair Lawyers are here to help! To book a consultation reach us via email, phone, or through our website.