How Much Will I Get In A Property Settlement?
Not surprisingly, one of the most common questions we get is what will someone’s entitlement in a property settlement be. The answer is: it will differ for everyone – but here is what you should consider.
Working out a property settlement is unfortunately an inexact science, but it essentially involves four basic steps:
Stage 1: Identify and Value Assets
- All the parties’ property is included in the property pool.
- A value must be given to all assets. The court does not automatically sell everything.
Stage 2: Consideration of the contributions
The court will consider contributions made by each spouse, including:
- Initial contributions.
- Financial contributions, including any inheritances, gifts and lump sum payments received during the marriage or after separation.
- Non-financial contributions.
- Contributions made to the welfare of the family.
Stage 3: Future Needs
- The court will also consider any adjustments that should be made for the future needs of the wife or husband (this may be the case where either spouse has an earning disparity or cannot obtain employment due to an illness).
- This must be considered by the court to be ‘just and equitable’.
Stage 4: Reaching an Agreement
- If the wife and husband can agree on a financial settlement a solicitor can draft a Consent Order or a Binding Financial Agreement on their behalf.
- If an agreement cannot be reached, the parties can commence court proceedings by making an application for Final Orders.
To ensure you get what you deserve, we highly recommend that you seek professional legal advice on property settlement matters. Speak with one of our experienced family lawyers at your initial fixed-price consultation. Call us on (07) 3221 4300 to book your appointment.