In accordance with Australian family law, reputable divorce attorneys like those from Davies Family Lawyers will inform you that in the event of a divorce between married couples or separation of couples in a de facto relationship, a resolution on property distribution must be achieved. Aside from the property that the couple owns such as their home, this also encompasses a range of other assets that have value, such as savings, stocks and shares, furniture, jewellery, vehicles, and essentially anything that is considered the couple’s joint property.
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.