A Comprehensive Guide to Property Settlement in Adelaide
Property settlements can be challenging and turbulent, especially when couples are separating or getting divorced. The process is made all the more difficult because of the emotional and financial issues involved. Fortunately, experienced property settlement lawyers in Adelaide can easily guide you through this difficult time. This comprehensive guide will overview the process, explain what factors courts consider during property settlement, and look at prenuptial agreements that may help protect your rights and assets.
Overview of Property Settlement in Adelaide
Property settlement refers to the legal process involved when couples, who are married or in a de facto relationship, decide to separate and divide their assets. Generally speaking, property settlements consider any assets (such as real estate, bank accounts, and vehicles) accrued during the marriage/relationship or inherited before or after it. It also covers any debts associated with each party. It is important to note that Jordan and Fowler Family Lawyers will not make decisions based on fairness; instead, they will consider both parties’ financial situation before deciding what is equitable according to the evidence provided.
Factors Courts Take Into Account During Property Settlement
When determining the disposition of property, the court will consider several factors to ensure an equitable outcome. It includes both parties’ ages, health, current and future earning capacity, contributions (financial/non-financial) during the relationship, and any special circumstances that may have caused one party to be disadvantaged. All these factors play a role in reaching the final decision.
Prenuptial Agreements & Property Settlement
Typically, we deal with what are known as prenuptial agreements. It is when de facto or married couples have made joint financial investments before the relationship breakdown. A prenuptial agreement sets out how assets
and debts should be divided in the event of separation or divorce. However, it is important to note that these agreements are not legally binding in Australia.
Types of Financial Agreements in Australia
In addition to prenuptial agreements, several other financial agreements may be used during a property settlement. These include parenting plans, spousal maintenance agreements, superannuation splitting orders, and consent orders. Each can be used to protect both parties’ rights and interests regarding their assets or debts accrued during the relationship/marriage.
Options for Property Settlement Disputes
If the couple cannot reach an agreement regarding the settlement of their property, it will need to go before the court to be determined by a judge. If this is the case, it’s important to seek legal advice from a Jordan and Fowler Family lawyer who can guide you through the process and ensure your rights are protected.
Ultimately, property settlement can be a difficult and emotional process. Therefore, it is important to seek legal advice from qualified family law firms in Adelaide so that you are aware of all the options available to you and your partner. It could include alternative dispute resolution processes such as mediation or collaboration. With experienced professionals on your side, achieving an outcome that is fair for both parties is possible.
