When a relationship ends, dividing assets and finances can be one of the most challenging aspects of separation. Australian family law provides a framework for property settlements to ensure a fair and equitable division. Consulting an experienced Family Lawyer Adelaide can help you navigate this process and protect your financial interests. At Scammell & Co Lawyers, we provide expert legal guidance to ensure a smooth and fair property settlement.
What is a Property Settlement?
A property settlement is the legal process of dividing assets, debts, and financial resources after a separation or divorce. This can include:
- Real estate and family homes
- Bank accounts and savings
- Investments and superannuation
- Vehicles and personal assets
- Business interests and liabilities
Property settlements apply to both married and de facto couples, with the same legal principles guiding the division of assets.
How Are Assets Divided?
The Family Law Act 1975 does not follow a strict 50/50 rule. Instead, courts consider several factors to determine a fair division, including:
- The financial contributions of each party (income, property, assets acquired)
- Non-financial contributions (homemaking, childcare, supporting a partner’s career)
- The future needs of each party (age, health, earning capacity)
- The best interests of any children involved
A family lawyer can help assess your entitlements and negotiate a fair division of assets.
Ways to Finalize a Property Settlement
Couples can resolve property settlements through:
1. Negotiation and Agreement
Many couples reach an agreement through direct negotiation or mediation. This can be formalized through:
- Binding Financial Agreements – A private contract outlining asset division.
- Consent Orders – A court-approved settlement that is legally binding.
2. Family Court Orders
If an agreement cannot be reached, the matter may be taken to the Family Court, where a judge will decide on the division of assets.
Time Limits for Property Settlements
Strict time limits apply for property settlements:
- Married couples must apply within 12 months of their divorce being finalized.
- De facto couples must apply within 2 years of separation.
Seeking legal advice from a family lawyer in Adelaide early ensures that you do not miss important deadlines.
How a Family Lawyer Can Help
An experienced family lawyer can assist with:
- Assessing your financial entitlements
- Negotiating fair property settlements
- Drafting legally binding agreements
- Representing you in court if necessary
Secure Your Financial Future with Expert Legal Support
If you are going through a separation, securing a fair property settlement is essential to your financial future. Consulting a Family Lawyer Adelaide ensures that your rights and assets are protected.
At Scammell & Co Lawyers, we provide expert guidance in property settlements and family law matters. Contact us today to discuss your options and achieve a fair outcome.