Family Law Property Settlements

A family law property settlement is the legal process of dividing assets between parties following the breakdown of a marriage or de facto relationship. This process involves identifying and valuing the assets and liabilities of both parties, which may include real estate, bank accounts, investments, superannuation and debts. The goal of a property settlement is to achieve a fair and equitable division of these assets, taking into account factors such as each party’s financial and non-financial contributions to the relationship, their future needs and their ability to support themselves financially. The settlement can be reached through negotiation, mediation or, if necessary, through court proceedings. Once an agreement is reached, it can be formalised through a binding financial agreement or consent orders approved by the Family Court.

The division of property in a family law settlement is based on a range of factors designed to achieve a fair and equitable outcome for both parties. The court or mediating parties will first assess the total pool of assets and liabilities, including real estate, superannuation, savings, investments and debts. They will then consider each party’s contributions to the relationship, both financial (such as income and assets brought into the relationship) and non-financial (such as homemaking and childcare). Future needs are also taken into account, including each party’s age, health, earning capacity and responsibility for caring for children. The aim is to divide the property in a way that reflects both parties' contributions and future requirements. The settlement can be agreed upon through negotiation or mediation, and if necessary, it can be determined by the Family Court.

The process of transferring property in a family law settlement typically begins with the parties reaching an agreement on how the property will be divided. This agreement can be formalised through a binding financial agreement or consent orders filed with the Family Court. Once the agreement is in place, the legal transfer of property ownership can proceed. This involves preparing and signing transfer documents, which are then lodged with the relevant state or territory’s land titles office. A conveyancer or solicitor usually handles the transfer process so that all legal requirements are met and that the transfer is completed smoothly. It’s important to note that stamp duty may be payable on the transfer, although exemptions may apply in some cases of family law settlements.