Division of Assets in Divorce or Separation
The division of assets in divorce or separation is a complex issue, which can take an emotional toll on all parties involved. At LM Family Law Solutions, we take a compassionate and efficient approach to achieve our clients’ goals in this matter.
What is the Division of Assets in Divorce or Separation?
The division of assets in a divorce/separation is a process where property, finances, and debts are fairly allocated between separating partners, following the guidelines of the Family Law Act in Australia. The distribution isn’t necessarily equal, but is calculated considering each individual’s contributions, future needs, and the overall equity of the settlement. Grasping the intricacies of this process is crucial, and consulting a family lawyer can provide the necessary insight and reassurance.
Important Considerations in the Division of Assets in Divorce or Separation
This is how we assist the division of assets between the separating parties in Australia, ensuring a fair and equitable resolution.
Asset Identification and Valuation
Legal Advice and Strategy Development
Negotiation and Mediation
Drafting Agreements
Court Representation
Providing Support and Guidance
We understand that each case is unique and provide tailored solutions to meet your needs.
Legal Accreditation
Laura Muccitelli holds a Masters of Laws (Applied Law) majoring in family law and is also a registered member of the family law section of the Law Council of Australia.
The Division of Assets in Divorce or Separation Process in Australia
The flow of events in a the division of assets process looks like this:
The process of division of assets in a separation starts by identifying and valuing all assets, liabilities, and financial resources of both parties. Then, the contributions of each party during the relationship, including financial, non-financial, homemaking, and parenting roles, are meticulously assessed. The third step involves considering the future needs and resources of each individual, ensuring the long-term well-being of both parties. Finally, the process culminates in determining a just and equitable division of assets, taking into account all the assessed factors and contributions, to ensure a balanced and fair outcome for both parties.
Superannuation and Divorce
When it comes to division of assets in divorce, superannuation is classified as property, making it subject to division between the separating parties. Gaining insight into the valuation and division of this significant asset is crucial, as it plays a vital role in safeguarding the financial futures of both individuals involved.
Spousal Maintenance
Spousal maintenance is an important consideration in certain divorce or separation cases, where one party may need to extend financial support to the other. This spousal maintenance is determined based on the recipient’s needs and the payer’s ability to provide support, ensuring a balanced approach to financial stability post-divorce.
Agreement Outside Court
Reaching an agreement outside of court through negotiation, mediation, or collaborative law is often preferable. This approach can lead to a more amicable resolution, with the agreement formalized through consent orders. We can assist you every step of the way in the family mediation process. Click to learn more about this service.
Court Application Process
If an agreement cannot be reached amicably, an application can be made to the court for the division of the parties assets. This process, while more formal, ensures that all aspects are considered, and a fair division of assets is achieved.
What Our Clients Say
Why Choose LM Family Law Solutions?
Experts in Family Law
With more than 20 years of experience as a family lawyer, we understand the ins and outs of the division of assets in divorce and can ensure that you get a fair and just outcome.
Child-Centric Approach
Children are at the heart of our services. We’re committed to ensuring their well-being and long term provision, in every decision made.
Fair Treatment For Parents
Every parent deserves respect and fairness. We champion your rights, ensuring you’re treated with the dignity you deserve.
Comprehensive Legal Services
With us you have a family lawyer who can walk you through the entire process, from the intricacies of divorce proceedings to guiding you through child support.
Personalised Assistance
No two families are the same. We offer tailored advice and support, ensuring a legal solution that fits your unique situation.
A Trusted Name In Brisbane
Rooted in Brisbane, we’ve built a reputation as reliable and dedicated family lawyers, always ready to serve our community.
If you are seeking expert legal advice, contact us today to find out more about how we can help you.
Contact Us
Face-to-face meetings will be by appointment only.
We also offer Zoom / Skype & telephone meetings.
Working Hours
By appointment only
MON – FRI 08:30am – 5:00pm
SAT & SUN Closed
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Frequently Asked Questions
It’s advisable to seek legal advice as early as possible, ideally at the onset of separation or divorce proceedings. Signs that it’s time to consult a lawyer include uncertainty about your rights and entitlements, complexities in asset identification and valuation, disagreements with your partner regarding asset division, and concerns about future financial stability.
The time limit for applying for property settlement and spousal maintenance is 12 months after a divorce order for married couples and 2 years after the end of a de facto relationship. Being aware of and adhering to these timeframes is crucial to safeguarding your rights and entitlements.
Yes, reaching an agreement outside of court is often beneficial as it can lead to more amicable resolutions, reduce legal costs, and expedite the settlement process.
