Financial Settlement

A separation or divorce often involves a division of property between the two parties. This process involves firstly identifying and valuing the assets and liabilities of the relationship (for example the family home, and the mortgage outstanding on that home), then determining an appropriate division of these assets and liabilities between the two parties.

At Steel Legal, we work through the property settlement process with you step by step. As well as valuing the assets and liabilities of the partnership, the Family Court also considers factors such as each party’s future needs, such as the costs of caring for any children. Once agreement for settlement is reached, this is documented, and is binding.

Luke Steel has used his extensive experience in family law to guide many through this sometimes difficult and emotional process. If you would like to schedule a free initial consultation call on 07 3112 0225 or send us a message.

Frequently Asked Questions

Do I need to be going through a divorce to seek advice on division of property?

No, those going through a de facto separation can also seek advice on division of property, and this advice is treated as a separate matter to the divorce or separation, and can be done at a different time (although time limits apply if you start proceedings on financial settlement after the divorce or separation has become final.

Are assets listed in one party’s name or owned by trusts/companies etc considered in an agreement?

Yes. The financial settlement takes into account all assets and liabilities associated with the partnership such as businesses, real estate, vehicles, mortgages, credit card debts and other loans.

Are non-financial contributions (such as unpaid work as a homemaker) considered as part of a settlement?

Yes. The preparation of a financial settlement takes into account both the paid and unpaid contributions of both parties including caring for children and homemaker duties. It also considers factors such as age, health, financial resources and income earning ability.

Are parenting matters considered as part of the financial settlement?

Parenting matters and child support are considered as separate matters. See our sections on parenting matters and child support for further information.