Hand shaking with a customer

Just And Equitable Property Settlement

Retain assets that will be financially beneficial in your circumstances.

In a financial settlement, the division of assets, including superannuation, must be equitable.  An assessment of the financial and non-financial contributions of each spouse during and after cohabitation and their future needs is converted to an overall notional percentage division of all the assets and superannuation.

We ensure that not only do we obtain the correct notional percentage division for you, but you also receive the appropriate assets and superannuation to suit your present and future circumstances and provide you future financial benefit.

  • FLPA

    Member of
    Family Law
    Practitioners'
    Association
    of Queensland

  • Family Law Section

    Family
    Law Council
    of Australia

  • Doyles

    Doyle’s Guide
    Recommended
    In Qld

  • FLPA

    Member of
    Family Law
    Practitioners'
    Association
    of Queensland

  • Family Law Section

    Family
    Law Council
    of Australia

  • Doyles

    Doyle’s Guide
    Recommended
    In Qld

Property Settlement Lawyers

We understand that property settlements can differ & be complex.

We can assist with the following:

  • General Property Disputes

    General Property Disputes

    A property settlement is a process of finally dividing assets between spouses following the breakdown of a marriage or de facto relationship

    Read on below

  • Writing

    Third Party Disputes

    An increasing number of family law property settlements between spouses involves a range of issues regarding third parties, whose legal and financial dealings with the spouses also need to be resolved.

    Read on below

  • Farming & Rural Estate Disputes

    Farming & Rural Estate Disputes

    Property settlements involving farming enterprises and rural properties can present complex and challenging issues for those involved. Such cases require specialised skills and experience in order to ensure a fair property settlement outcome.

    Read on below

General Property Disputes

General Property Disputes

Property settlement cannot be predicted and is not always 50/50.

Property and Financial Settlements

A property settlement is the process of finally dividing assets between spouses following the breakdown of a marriage or de facto relationship. Each property settlement case is unique and involves varying levels of analysis depending on the asset pool, and the complexity of financial arrangements of spouses during the relationship.

The process may involve having to take early action prior to the final division in order to preserve assets, which may be at risk of being disposed of by a spouse, or to stop a spouse doing things which are, or may be diminishing the value of the assets. It is crucial in this process that the legal work in dividing assets is undertaken in partnership with accountants, financial planners, and tax experts. This will ensure that a spouse retains those assets which will be the most financially beneficial for them in the future in the context of their individual circumstances.

Settlements 101
Generally in determining a property settlement:

1. There is no presumption or a starting point that the assets, liabilities and superannuation interests are to be divided equally;

2. There is no formula or method of calculation applied to any settlement of property which leads to a predictable result. It is a discretionary exercise. It is not performed by a mathematical or accounting exercise. The Court has a wide discretion in determining a just and equitable property settlement. Three Judges determining the matter may all decide the matter differently and all arrive at a just and equitable decision.

3. While a detailed examination is important, the assessment of contributions is not an exercise involving a minute clinical examination so as to turn the exercise into a pure mathematical evaluation;

4. Non-financial contributions to the home and family are to be recognised in a substantial way;

5. Generally, no asset is quarantined or excluded from consideration by the Court and can include property you owned at the time you began living together and received while living together and after separation;

6. The net value, not the gross value of the assets is applied. Ordinarily, the value assigned to an asset is its current value at the time of the agreement, a court application or final hearing (not the date of separation);

7. Generally, the Court assesses the parties entitlement using a global approach whereby the division is undertaken on global view of the assets, rather than determining the parties interests in each individual item of property;

8. There may be circumstances in which the Court applies a “ two pools” approach where non-superannuation assets and superannuation assets receive separate treatment; and

9. It is vitally important that each spouse makes full and frank disclosure of his or her financial position at all times. A failure to make full and frank disclosure can result in property orders being set aside and there are other consequences, including costs orders if a spouse is put to the expense of establishing the existence of the asset that has not been disclosed.

The team at Waller Family Lawyers understands that Property and Financial Settlements can often be a complex and stressful situation for those involved, however, you can rest assured that your property and financial needs are in trusted hands. To hear from one of the dedicated team members and for more information on Property and Financial Settlements and how Waller Family Lawyers can help you, please fill out a contact form.

Meeting with a customer

Third Party Disputes

Early advice is essential to defend your rights as a family member or other third party.

An increasing number of family law property settlements between spouses involves a range of issues regarding third parties, whose legal and financial dealings with the spouses also need to be resolved. Third parties can be family members including parents owed a debt by one or both spouses, unrelated corporate and trust structures, minority shareholders, business partners, in addition to creditors, such as banks and financial institutions.

In the right circumstances, a third party can be joined in the property settlement proceedings to obtain the claim sought. Alternatively, a spouse may allege entitlement to the property or financial interests of a third party, with the third party having to defend such claim in a property settlement.

Upholding or defending the rights of third parties can involve complex legal, financial and taxation issues and early advice is essential. Allowing a property settlement to be resolved between spouses without the consideration of the rights and claims of a third party may defeat the possibility of obtaining the desired relief or remedy for that third party.

Waller Family lawyers are specialists and the team’s extensive background in third party representation and family law means you are in safe hands. Trent and the team are passionate about their client’s wellbeing and can accommodate all your family law needs. To get in touch with Waller Family Lawyers today please visit the contact page.

Framing

Farming & Rural Estate Disputes

Farming enterprises and rural properties are not quarantined from a property settlement.

Property settlements involving farming enterprises and rural properties can present complex and challenging issues for those involved. Such cases require specialised skills and experience in order to ensure a fair property settlement outcome. While the Court will give recognition to a spouse who contributes farm real estate holdings and farming businesses to a de facto relationship or marriage, these assets are not quarantined from a property settlement. Land and assets received by a spouse from his or her family by generational traditions can be divided and lost in a property settlement.

Placing land or farming enterprises in a company or trust structure is generally an ineffective method of protecting such assets from property division. The Court is prepared to determine assets of a trust, family company or other corporate entity to be the assets of one or both of the spouses where the degree of control of one or both of the spouses is so extensive, that in reality, the assets of the entity are the assets of one or both of the spouses.

Relationships

A Court considers the contributions of both the farmer and non-farmer spouse during a de facto relationship or marriage. The contributions of the non-farmer spouse can take the form of homemaker, parent, working on the farm and doing the books. The Court views these contributions just as importantly as the financial contributions of the farmer.

To provide better certainty in the event of separation, a Financial Agreement can be entered into between the farmer and non-farmer spouse either before or during a marriage or de facto relationship. A Financial Agreement can, in the event of separation, protect farming assets and in particular farming land from claim by the non-farmer spouse to ensure on-going financial viability of the farming business. For example, the terms of a Financial Agreement may provide that in the event of separation, the farmer spouse will purchase a property off the land for the non-farmer spouse to an agreed value with a cash sum; with the benefit to be financed by the farmer spouse over time. Without a financial agreement, the result could be a Court forcing the sale of land at not only the wrong time (in terms of income and debt levels) but adversely affect the commercial viability of the farming enterprise.

When dealing with the complexity of farming and rural issues it is Waller Family Lawyers extensive experience and understanding that provides clients with support and peace of mind during this stressful time. For a consult on your personal situation or for more information regarding farming and rural laws please contact Waller Family Lawyers today.

Your property settlement questions, answered
  • What do I need to prepare before talking to a lawyer?

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  • Do I need a family law legal representation?

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  • Should I get a prenup?

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum consectetur leo nec vulputate mattis. Suspendisse ullamcorper bibendum tellus eget congue. Praesent consectetur tincidunt dapibus. get more info on initial advice.

    Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vestibulum consectetur leo nec vulputate mattis. Suspendisse ullamcorper bibendum tellus eget congue. Praesent consectetur tincidunt dapibus. get more info on initial advice.