How is property divided when a couple splits?

It’s not always a straight 50/50 split. Many factors are considered in each case, such as past financial and non-financial contributions, care of any children, current income and future career prospects.

What is the process?
In summary, sole and joint assets are valued, the contributions and future needs of each spouse are considered and, usually with help from their respective lawyers, they try to find common ground and reach agreement. If agreement is reached it can be formalised to protect the rights of each party and obtain any stamp duty exemptions on the transfer of property. An amicable settlement is by far the most cost effective route.

However, if agreement cannot be reached or an urgent order is required for a matter such as spousal maintenance, either party may file proceedings in the Family Court.

When should I see a lawyer?
It can be a daunting step to seek legal advice during such emotional times but it is best to see a lawyer earlier rather than later as there may be some important initial steps you can take to protect yourself if you do end up separating.

Your lawyer should be experienced in family law matters, someone who is highly competent and who you can trust to look after your interests. Ending a relationship can be emotionally and financially difficult and you’ll need someone in your corner.

If you need advice on any family law or property matter, give us a call on 02 9908 9888.