- Be Settlement Aware
As the name suggests, Property Settlement is all about settling, rather than getting your way. If you would like to make it through this process without a lengthy and costly involvement of the Court, you have to be prepared to make some concessions in order to arrive at an outcome.
- Establish the Property Pool
In order to work out a fair and equitable division of property after a divorce or separation, you must establish a detailed property pool – which includes all valuable assets (including property, vehicles, , superannuation, art, bonds and savings) owned at the time of settlement. The No Lawyers platform will assist you in adding all of your assets, debts and superannuation accounts.
- Consider Your Contributions
During the course of a relationship both parties contribute to their joint wealth and these contributions are taken into consideration during property settlement. There are financial contributions (i.e. income or pre-existent assets) and non-financial contributions (i.e. renovations increasing property values or parenting contributions allowing the other party to work/earn more).
- Estimate Your Future Needs
Post-divorce/separation each party is likely to have different needs. Depending on parenting agreements, professional status, age, health and financial situation, the Court will decide who gets what based on their specific needs. As a rule, it will be a matter of equity over equality in order to ensure a reasonably comfortable situation for both parties.
- Get Court Approval
Once both parties have worked out what they consider to be a fair division of property, you must submit all the data you’ve gathered to the Court with your Consent Order Application, which is easily created using No Lawyers. The Court will assess it in terms of justice, equity and compliance with Family Law, before returning it to you as a Sealed Consent Order, which is a legally binding document.
And don’t forget these deadlines
Matrimonial Property Settlements must be submitted within 12 months of the Divorce Order.
De Facto Property Settlements must be submitted within two years of the date of formal separation.