Property Division
Family Law Sydney & Orange NSW
We can provide comprehensive support for all aspects of family law property settlement and asset division. Our expertise lies in offering guidance on asset division and the creation of financial agreements.
The Family Law Act, along with established case law, outlines a structured four-step approach that the Court must adhere to when determining a property settlement. These steps encompass:
Evaluating the total value of the property pool.
Assessing the financial and non-financial contributions made by each party in accordance with section 79 of the Family Law Act.
Contemplating the future care requirements of each party, as specified in section 75(2) of The Family Law Act.
Determining whether the division, based on the considerations of sections 79 and 75(2), is equitable and just.
Agreement on property division
It is always best for the parties to agree on how to divide their property. When the parties have an agreement they can enter in consent orders. Consent orders are required to be just an equitable, so the following steps are normally undertaken by us:
Exchange of Financial Disclosure: In all financial matters, it is mandatory for both parties to share comprehensive details and disclosure about all their assets and liabilities (debts).
Preparation of a Balance Sheet: After both parties have exchanged full financial disclosure, your solicitor will create a Balance Sheet. This document outlines the pool of assets available for division.
Provision of Advice and Exploration of Settlement Options: Once the asset pool is determined, your solicitor will offer advice regarding the likely outcome of your case and present a range of possible outcomes. They will also highlight any critical areas in your case, such as the need for additional information or expert evidence (e.g., asset valuations).
Negotiations: At this juncture, negotiations will typically commence to reach an agreement based on the information presented in the balance sheet and the advice given to you.
Formalisation of the Agreement: The final step involves formalising the agreement by submitting an Application for Consent Orders.
Going to Court - the last resort
When the parties can’t reach an agreement between themselves including through mediation, going to court is the last resort.
When seeking your property interests be adjusted, the court will apply the steps mentioned above:
Evaluating the total value of the property pool.
Assessing the financial and non-financial contributions made by each party in accordance with section 79 of the Family Law Act.
Contemplating the future care requirements of each party, as specified in section 75(2) of The Family Law Act.
Determining whether the division, based on the considerations of sections 79 and 75(2), is equitable and just.
