The breaking of an association is an emotional and complex aspect of anyone’s life, and the same goes for property settlement.
Whenever a marriage or de facto relationship ends, the first thing that ought to be handled is the possession distribution between the parties.
To ensure that this process proceeds smoothly and complies with the law, individuals often appoint family lawyers. Knowing how these professionals handle such cases can give valuable insights and peace of mind. Today, we will learn how family law lawyers in Blacktown can be helpful in such settlements.
Understanding Property Settlements in Family Law
In simple terms, property settlement means the distribution of assets and liabilities between separating parties, which includes:
- The family home
- Investment properties
- Cars and personal belongings
- Superannuation
- Business interests
- Debts and loans
Australian Laws allow both married and de facto couples to settle property disputes. However, every case is unique and has different complications, which makes the process somewhat complex.
Family law lawyers in Blacktown proceed with every case based on a combination of legal aspects, demands, and any other unique leads.
The Role of Family Law Lawyers in Blacktown
These professionals play a crucial role in ensuring you receive your fair share in every way possible. Here’s how they typically handle property settlements:
- Initial Consultation and Assessment
The first thing is an initial consultation where lawyers gather all the important information that includes:
- Details of the relationship (duration, whether children are involved, etc.)
- A complete list of assets and liabilities
- Each party’s financial and non-financial contributions
- The future needs of both parties (e.g., income-earning capacity, care of children)
-
Disclosure of Financial Information
The most important step in any settlement case is full and clear financial disclosure. Both sides are legally obligated to be true and transparent about all the assets, debts, income, and financial resources.
To ensure everything is genuine, they collaborate to gather information from bank statements, property valuations, superannuation details, tax returns, and business records.
If one party is not ready to disclose or hide any assets, their lawyer can initiate legal procedures to compel disclosure through subpoenas or court orders.
-
Negotiation and Mediation
A specialist can also suggest an out-of-court compromise to save time, money, and hassle. These experts participate in negotiations on behalf of their clients or can organize a mediation with the other party on behalf of their attorneys.
It is a structured process involving a neutral party that helps both parties reach a mutually acceptable agreement. Lawyers take care of the preparation by clarifying their client’s rights, interests, and potential compromises.
If everything goes well and the settlement is approved, the lawyer must draft an agreement, either a Consent Order filed with the Family Court or a Binding Financial Agreement (BFA).
-
Court Proceedings
If negotiation is not the option, then lawyers help their clients with the court process. The first step is applying for property orders in the Federal Circuit and Family Court of Australia.
The court follows a four-step process to determine a fair settlement:
- Identifying and valuing the asset pool
- Assessing the contributions of each party (financial and non-financial)
- Evaluating future needs (such as age, health, parenting responsibilities, and earning capacity)
- Determining whether the proposed division is just and equitable
-
Implementing the Settlement
If the clients of both sides agree on one thing, the lawyer assists in implementing the terms. It involves:
- Transferring property titles
- Arranging for superannuation splitting
- Refinancing home loans
- Drafting or amending wills
- Discharging debts
Tailored Advice for Diverse Families in Blacktown
The area is known for its diverse community, comprising people from various backgrounds, religions, and beliefs. The local lawyers are well-versed in the nuances that can affect property settlements, such as:
- Cultural expectations around asset ownership or inheritance
- Language barriers that require translation or clear, simplified communication
- Complex family structures, including blended families and informal partnerships
These professionals often have to work with other experts, like accountants, property valuers, financial advisors, and counselors, to provide complete support to each client, despite their circumstances.
Special Considerations in Property Settlements
Sometimes cases can be more complicated than expected, which means property settlements can become more complex.
- Domestic violence: If there is violence involved, the lawyers can ask for urgent court meetings to ensure the safety of their clients.
- Hidden assets: Lawyers use forensic accounting techniques to uncover hidden or undisclosed wealth.
- Business ownership: If one or both parties are business owners, the lawyers must assess the value and worth to ensure a fair division.
- Superannuation: Super splitting laws allow for superannuation to be divided. The experts are supposed to handle this while following the law.
The Importance of Acting Promptly
There are strict time limits for applying for property settlements:
- For married couples: Within 12 months of a divorce becoming final
- For de facto couples: Within 2 years of the relationship breakdown
Conclusion
It can be difficult to deal with property settlement, especially during an emotional relationship breakdown. The factors mentioned above show how family law lawyers Blacktown take care of this process to ensure legality and fairness.
These professionals bring legal knowledge, negotiation skills, and a human understanding of what their clients are going through.
Eckert Legal is a well-established name in the field. It offers quality legal services to Parramatta and Blacktown, is value for money, and is known for its high success rates. You can find services ranging from wills and estates to divorces.
