It is inevitable that couples acquire property during their relationship and, resolving who gets what can cause conflict once couples separate. Often, clients are surprised about what items of property will be included in the overall pool to be divided between them.
Property of a Relationship refers to all property which is held, controlled or owed by you and/or your former partner in either joint or sole names. This includes property such as the family home, investment properties, cash at bank, cars, boats, furniture, business interests, interests in Trusts or inheritance, loan accounts and superannuation. Basically, anything of value that the parties have any interest in can be included in the property pool.
Property may also refer to anything that is held in either party’s name prior to the commencement of the relationship or property that is acquired after separation. It is useful but not imperative to keep records relating to the value of property held at the date that you started living together, at the date that you separated and at the time that you are finalising your property settlement.
Determining the value of the property to be included in the pool for division is difficult and often parties will need to engage the services of a registered Valuer to ensure the value of the property pool is accurate and settlement is just and equitable. The court considers the circumstances surrounding the obtaining of and contribution to the property when determining the percentage of the pool to be divided between the parties.
Prior to entering into discussions about your property settlement we recommend that you seek initial advice from an experienced Family Lawyer. At McDonald Leong Lawyers we offer an initial consultation at a cost of $220 with one of our Family Lawyers during which you will be provided with comprehensive advice in relation to all aspects of your separation.
Call McDonald Leone Lawyers on 4723 5155 or visit www.mcdonaldleong.com.au/ to arrange an initial consultation.