Property law is difficult enough in today’s age of unaffordable housing prices without family law getting involved. With the enormous cost of owning a home during a marriage or relationship breakdown, the division of property can be a stressful legal issue.
To make things easier, we have a basic overview of property matters in family law for everyone to be aware of.
Property settlements and how they work
The most common family law matters in regards to a property are that of property settlements after separation or divorce.
In this case, there are many questions that may be plaguing your mind. How much am I entitled to from our settlement? How much do I need to pay or how can I get more from the property settlement?
When you separate or end a relationship, a property settlement involves more than simply ‘physical property’ or land. Property includes all assets and financial resources such as jointly owned assets, business interests, trusts, assets or property. In addition to the assets, the liabilities also need to be distributed amongst the parties.
How much are you entitled to?
There is no hard and fast rule on what you are entitled to. There are a range of factors that the courts must review and rule over including:
- the amount of assets and their financial value
- the dependence on each spouse
- the income and earning capacity of each member
- children’s care and well-being
When you are working through the process of splitting property, for the best results you need lawyers from the outset that understand the importance of your needs, your rights, responsibilities and obligations in what is always a tough time.
McClure Law understand Victorian family law and have been helping our clients get the family law arrangements in place they need to move forward in their lives. Contact the team today to find out more about our offering and to organise a complimentary discussion.