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At Bentleys Law, we understand that dividing property after a relationship end can be one of the most complex and stressful aspects of separation. Whether you were married or in a de facto relationship, determining a fair division of assets and liabilities requires careful consideration and expert legal guidance. Our goal is to help you achieve a just and equitable outcome so you can move forward with financial certainty.
What is included in a property settlement?
A property settlement involves the division of the entire “property pool” accumulated by both parties. This includes all assets, liabilities, and superannuation, regardless of whose name they are in or when they were acquired.
The property pool can encompass:
- The family home and any investment properties
- Cash, bank accounts, shares, and other investments
- Trusts and business interests
- Vehicles, boats, and caravans
- Superannuation entitlements
- Valuable artwork, jewellery, and other personal possessions
- Inheritances received by either party
- Liabilities such as mortgages, credit card debts, personal loans, and tax liabilities
How the Court determines a property settlement
If an agreement cannot be reached, the Federal Circuit and Family Court of Australia follows a four-step process to determine a fair property settlement:
- Identify and value the property pool: All assets, liabilities, and superannuation of both parties are identified and valued.
- Assess contributions: The Court considers all financial and non-financial contributions made by each party to the relationship and to the welfare of the family. This includes direct financial contributions (e.g., income, inheritances), indirect financial contributions (e.g., managing finances), and non-financial contributions (e.g., homemaking, parenting).
- Consider future needs: The Court assesses the future needs of each party, taking into account factors such as age, health, income-earning capacity, care of children, and any significant disparity in financial resources.
- Ensure justice and equity: Finally, the Court considers whether the proposed division is just and equitable in all the circumstances.
Melbourne's Trusted Family Lawyers
We know family law matters touch the most personal parts of your life. Our team at Bentleys Law is here to help with:
Whether things are relatively amicable or more complicated, we’re here to guide you through. Our Melbourne team explains everything in plain language, answers your questions promptly, and helps you make decisions you can feel good about.
Every family is different. We take the time to understand yours.
Options for reaching a property settlement
There are several ways to resolve property matters without the need for lengthy court proceedings:
- Binding Financial Agreement (BFA)
A BFA is a private, legally binding agreement that can be entered into before, during, or after a marriage or de facto relationship. It sets out how property will be divided in the event of separation. For a BFA to be valid, both parties must receive independent legal advice. - Consent Orders
If you and your former partner can agree on a property division, this agreement can be formalised through Consent Orders filed with the Federal Circuit and Family Court. Once approved by the Court, Consent Orders are legally binding and enforceable, providing certainty and finality to your settlement. - Mediation and Negotiation
Many property disputes are resolved through negotiation, often with the assistance of lawyers, or through formal mediation. This allows parties to discuss options and reach a mutually acceptable agreement outside of court. - Court Proceedings
If an agreement cannot be reached through other means, either party may apply to the Court for financial orders. This is a more formal and often more costly process, requiring experienced legal representation to advocate for your interests.
Time limits for applying to the Court
It is crucial to be aware of strict time limits for applying to the Court for property orders:
- Married couples: Applications must be made within 12 months after your Divorce Order becomes final.
- De facto couples: Applications must be made within 2 years of the date of separation.
Missing these deadlines can significantly impact your ability to seek a property settlement.
How can we help
At Bentleys Law, our experienced family lawyers provide comprehensive advice and strategic guidance on all aspects of property settlement. We can:
- Help you understand your entitlements and obligations
- Assist with valuing the property pool
- Negotiate on your behalf to achieve a fair outcome
- Draft Binding Financial Agreements or Consent Orders
- Represent you in Court if litigation becomes necessary
We are committed to navigating you through this complex process with sensitivity, expertise, and a focus on securing your financial future.
Get in Touch with Our Legal Experts Today
Facing a legal issue or need advice? Contact our experienced team today to schedule your consultation and get the support you need.