Under Australian family law, experienced divorce lawyers will advise you that whenever a married couple divorce or a couple in a de facto relationship decide to separate, a property settlement has to be reached. Whilst the property in question will certainly include their home if they own it, it also includes many other assets too. These can include savings, stocks and shares, furniture, jewellery, vehicles and pretty much anything that the couple own that has value.
The journey from a couple separating and the property settlement being finalised usually has four distinct stages. Whilst it is possible for either or both of them to go through this process without a family lawyer unless they are fully conversant with property settlement processes, it would be wise to seek the advice of family lawyers at the very least. As for the property settlement process, here it is from step 1 through to step 4.
Step 1: Assessing The Property Values
The first step is probably the simplest one although it may require a reasonable amount of research to determine some specific values. In effect, the couple each list their assets and their liabilities. This is done on both an individual basis and for them as a couple, where they have a joint savings account, for example. Assets jointly owned with third parties should also be included such as joint ownership of a business.