Property Settlement Agreement Brisbane


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Property Settlement Agreement Brisbane

Negotiate a Property Settlement Agreement in Brisbane with our Specialist Team

separation and property settlement agreement - image of wooden gavel on a timber table with lawyer team and clients writing notes on paper and using laptops - call HCM Legal todayIf you are negotiating a property settlement agreement, our Brisbane team will help you navigate legally dividing your joint assets when you are divorcing or separating. At an emotionally difficult time, coming to an arrangement about property and finances without resorting to litigation can lighten the load considerably.

Talking to a family lawyer with expertise in this area can be instrumental in helping you and your partner achieve an agreement without going down the litigation route. Speaking to our team in Brisbane about achieving a property settlement agreement can enable you both to achieve a fair result and opens the way for you to begin your new lives apart.

What is a Property Settlement Agreement?

It is important to remember that divorce is one legal process and property settlement another. Although the two are intertwined, divorce is the legal termination of a marriage and makes no provision for the division of assets/liabilities or the care of your children, for example. Thus, separate agreements must be made between you and your spouse about who gets what when the divorce is finalised. A property settlement can be formalised with either:

• A binding financial agreement
• Consent order

Our Brisbane lawyers help you to establish a property settlement agreement, which is a formal division of property when you and your partner separate or divorce. It includes liabilities, such as debts, tax and stamp duty as well as assets. It may include property acquired before the relationship started and after the couple has separated. Anything of value can be included in the agreement, such as:

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• Property—owned both jointly or independently
• Superannuation
• Cars
• Trusts
• Business interests
• Money
• Jewellery
• Animals

Discussions can begin about these matters as soon as you separate. However, it is not always easy when one or both parties may be feeling aggrieved. Try and give each other time and work toward a collaborative divorce to try and resolve matters without going to court.

You should also hire an experienced family lawyer to guide you and support you through the process to ensure you receive your fair share with an equitable property settlement agreement. In Brisbane, HCM Legal’s knowledgeable team are on your side and will work with you to get through this difficult time toward a positive outcome.

A property settlement is formalised by either a:

• Consent Order; or
• Binding Financial Agreement

How is a Property Settlement Agreement Brisbane Established?

There are four steps that are looked at in determining the appropriation division of property during a divorce. These are:

1. Agreeing on the value of the combined assets and debts
2. Identifying contributions of each party to the relationship—both financially and otherwise
3. Assessing future needs, such as childcare arrangements or incomes, that will affect individuals after divorce
4. Coming to a fair and equitable outcome

It is important to remember that divorce is one legal process and property settlement another. Although the two are intertwined, divorce is the legal termination of a marriage and makes no provision for the division of assets/liabilities or the care of your children, for example

marital property settlement agreement - image of close up of house and car parked in the drive - call HCM Legal today1. Agreeing on the value of the combined assets and debts

The combined pool can include anything of value, such as houses, cars, superannuation, shares, jewelry, etc, and mortgages, loans, credit cards, tax implications, such as stamp duty, etc. If one of the parties has spent money on, for example, gifts for third parties, gambling debts, etc. this may be added back into the pool of assets. Make sure you have everything covered in your property settlement agreement with our Brisbane team of expert lawyers who know what to look out for.

2. Identifying the contributions of each party

Contributions include financial and non-financial contributions. If, for example, one person stays at home to bring up the children, their capacity to earn an income from work or contribute towards a pension scheme is limited. These non-financial contributions are taken into account as it is not fair to say the party has not contributed just because their input is not financial.

3. Assessing future needs after divorce

Looking at how both parties will support themselves when the marriage ends influences the division of assets. Thus, age, health, income, physical and mental capacity for employment, pension eligibility, childcare, financial commitments and standard of living are some of the factors that are taken into consideration.

4. Fair Outcome

It is a misconception that matrimonial assets are split 50/50 and after taking into consideration the preceding 3 points, a court will make a judgment on what it considers to be fair and equitable.

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Do I Have to Go to Court?

Many property agreements are agreed upon without formal agreements or negotiated consent orders. Often, out of a sense of guilt, one party may be overly generous and by the same token, the party who feels wronged can be unreasonable.

Going to court can be an expensive, time consuming and draining experience which is best avoided to allow you and your ex-partner to move on separately—without protracted litigation making it difficult to do so. At our office in Brisbane, a property settlement agreement without litigation is something we work hard to achieve on your behalf.

Although there are exceptions, both parties in a divorce generally want a fair outcome. To achieve this, both must be prepared to see the ‘bigger picture’ and be prepared to make concessions in order to reach an outcome both are reasonably happy with.

How Do We Make a Legally Binding Agreement?

Once you have reached an agreement, it is a good idea to have it made legally binding, which provides finality and certainty, as well as protecting assets acquired after the separation, including any capital gains tax advantages.

• Consent Orders
These are financial orders based on the agreement made between the parties, or after a court hearing.

• Binding Financial Agreement
A binding financial agreement can be made before, during or after a relationship ends and sets out how the couple’s assets are to be divided in the event their relationship breaks down. Both parties to the agreement must have their own lawyers acting for them.

Is there a Time Limit for Commencing Property Proceedings?

If you are not yet divorced, there is no time limit on when you can commence property proceedings. However, if you are already divorced, you only have 12 months after the divorce is finalised to commence proceedings.

Why You Should Instruct a Lawyer

family attorney near me - image of a lady in a tan jacket and white shirt smiling at a lady with a black jacket, back to the camera - call HCM Legal todayA good lawyer can save you time, money and stress. For our team in Brisbane, property settlement agreements are something they work with often. It is never too early in the day to have a conversation with a lawyer so that you are aware of your options and are better able to make an informed decision.

A property settlement lawyer can:

• Identify and investigate your total property pool by carrying out searches, working with accountants, real estate agents and other consultants and by examining bank statements and other financial paperwork.
• Advise you on what your property settlement entitlements are.
• Negotiate with your partner’s lawyers to try to reach a separation agreement
• Try to avoid litigation by suggesting other ways to reach an agreement, such as mediation and arbitration.

How HCM Legal Can Help with Your Property Settlement Agreement in Brisbane

If you’re looking to secure a property settlement agreement in Brisbane, contact HCM Legal today. Our experienced lawyers can walk you through the process, giving you practical solutions for a quick settlement so you can begin to live your life fully again.

2021-09-21T05:41:30+00:00