Going through a separation is undoubtedly one of the most challenging experiences in life. Amid the emotional turmoil, it’s crucial to address the practical aspect of dividing shared assets, known as property settlements. This blog aims to provide a guide on navigating property settlements, offering clarity and support for those recently separated.
What is a Property Settlement?
A property settlement refers to the legal process of dividing assets and liabilities between partners following a separation or divorce. This process ensures that the division is just and equitable, considering the contributions of both parties and their individual future needs.
The Common Misconceptions
One of the most prevalent misconceptions surrounding property settlements is the belief that split is 50/50. However, the reality is that the law takes into account various factors to determine an equitable division, which may not always result in an equal distribution.
Furthermore, many people mistakenly believe that de facto relationships only require six months of cohabitation to be recognised for property settlements, when, in fact, two years is the minimum requirement. Understanding these key points can significantly impact the approach and expectations towards your settlement process.
The Initial Consultation
When you first seek legal assistance for your property settlement, you can expect a comprehensive initial consultation. During this meeting, your family law solicitor, like myself, will advise you on parenting arrangements (if applicable) and guide you through the options available to finalise your separation. This might include negotiation, mediation, or, if necessary, court proceedings.
The Biggest Challenge: Unresponsive Partners
One significant challenge in family law is finalising matters when the other party is self-representing and not responding. This can delay proceedings and increase stress. Experienced solicitors employ strategies to engage the other party and move towards resolution, leveraging their knowledge and the legal framework to facilitate communication and agreement.
Document Everything
A crucial piece of advice for anyone navigating a separation is to document everything. Keep a diary, make notes of agreements, conversations, and financial transactions. This documentation can be invaluable throughout your legal process. Additionally, if you’re struggling emotionally, don’t hesitate to seek support through a mental health plan from your GP.
Understanding Legal Fees
Legal fees can vary depending on the complexity of your case and the level of agreement between parties at the start. For agreed property matters, fees might range between $3,300 to $7,700 to formalise the agreement, while parenting matters can cost between $4,400 to $8,800 to formalise the agreed care arrangements. Knowing these costs upfront can help you budget accordingly and reduce financial surprises down the line.
Our Approach to Family Law
At our practice, we emphasise clear, plain English communication to ensure you understand every step of your case. We believe in building a relationship with our clients, offering not just legal assistance, but support and understanding through this difficult time.
Conclusion
Navigating the legal landscape of property settlements can be complex and emotionally draining. By understanding the process, common misconceptions, and preparing adequately, you can achieve an equitable outcome that lets you move forward. Remember, you’re not alone in this journey—professional advice and support can make all the difference.
If you’ve recently separated and need expert legal advice on your property settlement, reach out to us. We’re here to help you navigate through this challenging time with expertise and empathy.
