What happens to a family home once a couple separates? The matter of dividing the assets that they have together built over years is indeed overwhelming. You aren’t on your own. Thousands of Australians undergo property settlement every year, and the type of lawyer chosen for you can decide between smooth resolution and drawn-out nightmare.
Probably one of the most important decisions you will ever have to make has to do with property settlement. It’s not just a case of splitting the furniture or deciding who gets the car; this also involves superannuation, investment properties, business interests, and everything else that you have acquired together during your relationship. If you get this wrong, it can affect your financial security for decades.
According to Australian Family Law What Is Property Settlement?
Property settlement is the legal process where assets and debts are divided between separating couples. This applies to both married and de facto couples under Australian family law. The Family Court does not just split everything automatically into two; it’s much more complicated than that.
The Four-Step Process Explained
Indeed, the courts follow a structured approach in determining property division between married couples. First, they identify and value the pool of assets inclusive of property, savings, superannuation, and debts. Second, the actual contributions, which include financial and non-financial homemaking or parenting contributions, to each party are assessed.
Thirdly, future needs of the parties are determined, including earning capacity, health issues, and care of children. Finally, the proposed division is found to be just and equitable in all circumstances. It is not that each of these four steps must be completed independently before the next is undertaken; they can be combined for the purpose of evaluation in all cases.
How Assets and Liabilities Will Be Divided
The totality of the family home, investment properties, cars, bank accounts, shares, and of course debts are drawn into the pot. Family lawyers are experts in the determination of how to establish accurate values of complex assets like businesses or self-managed super funds.
Timeframes and Important Things You Should Know
In the case of married couples, an application for property settlement through the courts must be made within a year from the date on which the petition for dissolution of the marriage was granted. De facto couples have two years from separation. Failure to observe these time limits could significantly limit your options, making it imperative to seek advice from legal counsel immediately.
Why a Specialist Family Lawyer for Property Settlement?
Not all lawyers were created equal when it comes to family law. Choosing someone with genuine expertise can save one lots of time, money and considerable heartbreak.
Distinguishing General Solicitors from Family Law Specialists
A general solicitor in Chatswood may handle conveyancing one day and a will the next. Family law specialists, on the other hand, live and breathe this area of law. They understand the latest case law, know the local court processes inside out, and have established relationships with other professionals in the field.
Qualified family practitioners have undergone additional training and accredited certification demonstrating their proficiency. This knowledge obviously matters a great deal if dealing with something as big as property settlement.
What Makes A Property Settlement Solicitor An Intelligent Expert?
Look for property settlement solicitors who have been around for long in similar cases to yours. They will have the contacts of valuers, accountants and financial advisers who specialise in matters of family law.
When Do You Require An Aggressive Family Lawyer?
Some occasions occur when negotiations seem completely impossible. For example, if your separation involves extreme hostility or an intractable ex-partner, a lawyer may have to be aggressive in their approach. These lawyers know when to push hard and aren’t afraid to take matters to court if needed.
How Much Should I Pay for Property Settlement Lawyers?
This brings us to the money, as it is usually where the interests of each partner diverge.
Affordable Family Lawyers Sydney: What Is a Realistic Expectation?
Affordable family lawyers Sydney do exist, but one must have realistic expectations about the meaning of “affordable.” When you are trying to hire someone, you must expect value for money. A quality representation needs time and expertise. As a rule, hourly rates for family lawyers in Sydney can vary from $300-$600. Some family law matters resolve fairly quickly; however, others take an undetermined rage.
Cheap Family Lawyers Sydney vs Quality Representation
These cheap family lawyers Sydney are tempting. However, think about it again; such a case could cost you more in damages than you save in reduced fees. Just because someone charges more does not mean they are any better. Cheap divorce lawyers Sydney who are good might exist; you might want to check on that first.
Cheap family courts lawyers might as well save you the trouble of getting something better. Draw lines between the considerations of price and compromises regarding quality.
Understanding Fee Structures and Hidden Costs
Disbursement charges, court filings, and whether estimates are GST-inclusive should all be clarified. Some Property settlement lawyers near me have fixed-fee arrangements available for certain services. Others solely charge on an hourly basis. The freedom to discuss this from the offset lessens the chance of an awful surprise later.
Next Steps: Setting Up Your Free Consultation
Property settlement may feel overwhelming right now, but you can more than do it with the right backing. The key is to find experienced legal representation who appreciates both the law and your state and circumstances.
Keep in mind that we are not merely talking about splitting assets, but creating a financial stability for you moving forward. Whether you go for family law firms Chatswood or further entertain those in the neighboring suburb, hold expertise and communication in high esteem.