Following a breakdown of a relationship, you will need to decide how Financial & Property Settlements in Erina and Central coast will be divided. We will help you understand what you are entitled to and ways to formalise the Financial and Property agreement reached.
A property settlement is the single largest financial decision most people make after separating, and it’s usually made while they’re least equipped to make it. Bring us a rough list of what you own and owe and we’ll tell you the realistic range in one conversation. Erina office, serving Gosford, Terrigal, Wyong, The Entrance, Woy Woy and the wider Central Coast.
A property settlement might also be referred to as a ‘separation agreement,’ ‘financial settlement’ or ‘divorce settlement.’
At CopperTree Family Law, we often hear the story of the partner who insisted everything would be fair; there would be no property dispute, and no lawyers needed to be involved. If you and your former partner can agree on the property settlement, that is undoubtedly the most cost-effective way forward. However, if not formalised, it will not be legally binding. Sadly, former partners may find themselves in changed circumstances and try to vary your informal divorce or separation agreement.
Prior to any property settlement spousal maintenance may be appropriate.
There may also be circumstances where sole occupation of the former matrimonial home is required
Get in touch with us today for a consultation in Erina and Central Coast.
An inexpensive way to protect yourself is to have Consent Orders drawn up that formalises your mutual property settlement. That way, your future is more secure, and you can enjoy the money you have worked so hard for, rather than paying additional legal and court fees. With few exceptions, Consent Orders are legally binding on the parties, as a result, reducing any future legal expenses.
Consent Orders are legally binding on the parties, as a result, reducing any future legal expenses. Formalising your property settlement through local CopperTree family lawyers can save you significant time, money and stress. Consent Orders can be set aside in limited circumstances, Ask us how.
If you encounter difficulties reaching a financial settlement with your former partner, mediation services may assist you.We can provide a list of mediators on the Central Coast, Sydney and Newcastle can advise you on what you are likely entitled to. Once you have agreed on a way forward, we can assist formalise your financial settlement.
If you are unable to reach an agreement, our family lawyers will help you decide upon the best strategy for meeting your needs. We will negotiate with the other party to achieve a favourable settlement for you, taking into account the realistic prospects at court.Australian law has a no-fault approach to divorce, and the courts look to arrive at a ‘just and equitable’ division of property. However, we will try to reach an agreement with the other party without applying for court intervention, as it keeps your costs down and brings about a much sooner resolution.
CopperTree Family Law, located in Erina, serves clients in Gosford, Erina, Terrigal, Wamberal, Avoca, and Copacabana, as well as the wider Central Coast region, providing the personal attention they deserve. We acknowledge the challenges and emotions that come with such legal matters and assure you that your case will never be treated as just another property dispute. Our proactive approach involves maintaining regular communication with you throughout the process and focusing on your priorities. Contact CopperTree Family Law to determine the best initial step for your property settlement. Consent orders, which are legally binding, can reduce future legal expenses. Formalising your property settlement through local family lawyers can save you time, money, and stress. If you have any questions about consent orders or their potential limitations, please don't hesitate to ask us.
There is no automatic 50/50 split in Australia. A court works through four steps: identify and value the whole asset pool including superannuation and debts; assess each person’s financial and non-financial contributions; assess future needs such as care of children, age, health and earning capacity; then check the overall result is just and equitable. Most separating couples on the Central Coast never see a courtroom. They reach agreement and formalise it through consent orders.
Everything either of you owns or owes, in whoever’s name: the family home, other property, vehicles, savings, shares, business and trust interests, inheritances received, superannuation and every debt. Not just what’s joint, and not just what’s in Australia.
Money brought in at the start and money earned along the way, but also the contributions nobody invoiced for: raising children, running the household, renovating, supporting the other person’s career or business. Australian family law treats homemaking and parenting as genuine contributions, not lesser ones.
Who cares for the children most of the time, the age and health of each person, income-earning capacity, and whether one person’s career was interrupted for the family. This step is why a case with roughly equal contributions frequently ends in a 60/40 division rather than half each.
A final sense-check on whether the overall result is fair in your particular circumstances, rather than merely arithmetically defensible.
Three routes. A handshake, which is not binding and leaves you exposed indefinitely. Consent orders, where the court formally approves what you’ve agreed. Or a binding financial agreement, a private contract that keeps the division out of the court’s hands entirely. Only the second and third actually end your exposure.
An informal arrangement, however sincerely made and however long it has been running, does not stop a former partner making a claim later. It does not give you the stamp duty relief and capital gains rollover that formal orders can. And it does not satisfy a lender asked to refinance. We regularly see people who divided everything fairly by agreement five years ago and are now facing a claim, because nothing was ever documented.
Anonymous
2 years ago
I would highly recommend Cheryl for your family law needs. She is professional, efficient, committed and friendly to work with. Cheryl will endeavour to achieve the best outcome for you.
Erina, Gosford, East Gosford, Point Clare, Springfield, Terrigal, Wamberal, Avoca Beach, Kincumber, Green Point and Saratoga.
Woy Woy, Umina Beach, Ettalong Beach, Blackwall, Empire Bay and Killcare.
Wyong, Tuggerah, The Entrance, Long Jetty, Bateau Bay, Berkeley Vale, Toukley and Budgewoi.
Newcastle, Lake Macquarie and Sydney, often where one person has moved away after separating but the property remains on the Coast.
No. There is no automatic 50/50 split. The court identifies and values the asset pool, assesses each person’s financial and non-financial contributions, assesses future needs such as care of children and earning capacity, then checks the result is just and equitable. Outcomes commonly fall between 55/45 and 70/30.
No, and often you shouldn’t wait. Property and superannuation can be settled any time after separation. A divorce doesn’t divide anything — it ends the marriage and starts a 12-month deadline for applying to the court for property orders.
Twelve months from the date your divorce becomes final, or two years from separation for a de facto relationship. After that you need the court’s permission to apply, which is not guaranteed.
No. Australia has no-fault divorce and adultery has no bearing on how property is divided. The narrow exception is wastage, where one person deliberately or recklessly diminished the asset pool.
Yes. Superannuation is treated as property and forms part of the asset pool, including super accumulated before the relationship. It can be split by agreement or court order, and the split is paid into the receiving person’s fund rather than as cash.
Both parties remain liable to the lender if both names are on the loan, regardless of who moved out. Payments made by one person after separation are generally treated as a post-separation contribution and brought into account in the settlement, usually as an adjustment.
It forms part of the asset pool but is recognised as an initial contribution by you. It is not automatically excluded or protected. How much weight it carries depends on the length of the relationship and what happened to the asset during it.
Not automatically. Two questions decide it: whether the relationship was a de facto relationship at law, and what the four-step property process produces. A short relationship with limited contributions usually results in a modest adjustment rather than a half share.
There is no such thing as alimony in Australia. The Australian equivalent is spousal maintenance under the Family Law Act 1975. It is not automatic, has no formula, and is usually ordered for a fixed period rather than indefinitely.
Consent orders are filed with and approved by the court, which checks the outcome is just and equitable. A binding financial agreement is a private contract with no court involvement, but it requires each party to receive independent legal advice to be valid, and it can be made before a marriage or relationship.
Disclosure is a duty, not a courtesy. The court can draw inferences against the person withholding information, order them to pay your costs, or set aside an agreement made on incomplete information. Subpoenas to banks, employers, accountants and the ATO are available.
Most lenders won’t approve finance until the settlement is formalised by consent orders or a binding financial agreement, because until then your exposure to the existing loan and to a future claim is undefined. Formalising the agreement is usually what unlocks the finance.
At CopperTree Family Law, we protect and advocate for your interest at all times, while advising you of the legal framework under which your needs will be considered.
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