Over the course of a relationship – whether you have been married or living as a de facto couple – you are likely to acquire many assets and liabilities. The settlement to divide your assets and liabilities is often a complex and emotional process.
We work with separating couples to negotiate mutually acceptable property agreements. Property agreements document how property will be divided avoiding an adversarial court process.
What is in your property pool?
All property of the relationship is considered part of the property pool. This includes:
- Real estate
- Cash in bank accounts, both joint and separate
- Motor vehicles, boats, trailers, caravans etc.
- Assets in business, companies etc.
- Credit card debt
- Hire purchase agreements
- HECS or HELP debt
- Personal debts.
Negotiating the division of the pool
The property pool division can be impacted by significant contributions of parties. This includes both financial, non-financial, homemaker and parenting contributions.
- Salary or wages
- Gifts including both monetary or items of value
- Child care
Future needs will also be considered
- Age and state of health
- Income earning capacity and future financial resources
- Reasonable future standard of living
- Parenting arrangements and financial support of children under 18.
Formalising the agreement
Once an agreement has been reached, it will then need to be formalised through Consent Orders or a binding financial agreement. This will ensure the agreement is legally binding.