The best place to start with the subject of Asset Splitting (Property Settlement) is to dispel the myths and ‘expert advice’ given by neighbours as to who is entitled to what. Simply, there are no pre-set formulas or enshrined entitlements.
If your relationship has ended, you will need to come to some sort of agreement with your former partner concerning your assets and liabilities.
The compilation of your assets and liabilities is likely to be a factual calculation. The split, however, may be somewhat more subjective and include the possibility of providing for future earning capacity and Spousal and Child support.
Agreeing on all these things can obviously be tricky.
In most instances, you only get one opportunity to reach and act on your agreement. After this has occurred it will usually be too difficult, too costly or not legally possible to re-visit the distribution that occurred.
A Property Settlement is not a ‘tick box’ process and requires clear thinking and an experienced head.
You may be able to achieve an equitable outcome yourselves which can be ratified by way of Binding Financial Agreement. Alternatively, reaching agreement may require a higher level of negotiation through Mediation or even Court.
The assistance of an experienced lawyer will provide you with the knowledge and guidance to make good decisions. And, that’s how we can help you at our Brisbane and Gold Coast offices.
Our lawyers are not being delegated experience; they own it.