The end of a relationship can be a really stressful and emotional time for separated couples, children and family members. Quite often it is the fear of the unknown – can I afford to keep the house? How much will I receive as my settlement payment for my financial security? Will I be entitled to any of my spouse’s superannuation? These are all really common questions that may be running through your mind if you have recently separated, or if you are considering separating from your current partner.
There are no black and white rules on how assets are to be divided between the parties, as each separated couple is unique, and their financial situation and assets are unique. The entitlements that each party has to the assets following separation will depend on a range of factors. These factors include:
· The ‘Property Pool’ – the assets and financial resources, liabilities, and superannuation, belonging to both parties (jointly, and separately), and the values of the assets
· The contributions made by the parties at the start of the relationship, during the relationship, and also after separation
· The future needs for each party – for example, their ages, health, income and care arrangements for children
· The length of the relationship
Obtaining advice from an experienced family lawyer at an early stage can help you begin to make a plan for your future, and also so you can take certain steps to best protect your position both legally and financially.
If you wish to obtain advice about your property settlement matter, contact us to arrange an initial consultation at a fixed fee of $330.00 (including GST) for up to 1 hour.