One of the most common questions which arises following a breakdown of a marriage is “what happens with our stuff?” In legal terms, the way in which separated partners divide their matrimonial property is called a property settlement.
Property settlements are very important as they allow for you and your partner to reach a legally binding agreement about who should keep what. In reaching this agreement, you will need to have regard for your assets (such as real estate, motor vehicles and personal possessions), your liabilities (such as mortgages and credit cards) and your superannuation entitlements.
Unfortunately, there is no hard and fast rule about how the matrimonial property should be divided. Rather, there is a long list of factors which will need to be considered, such as how long you were together, your health, your employment, your children, and so on.
Even if you and your partner reach an agreement about how your matrimonial property should be divided, that agreement will not be legally binding until the Court approves of it and confirms that it is fair for both you and your partner. If you do not receive the Court’s approval of your division of property, it is sometimes possible that your former partner can approach you years into the future seeking to redivide your property.
Taking into account the importance of getting a property settlement done right, we recommend that you speak with a solicitor before attempting to divide up your property.
For more information, contact Kelly Kelly Legal on (08) 8664 1162 and ask to speak to one of our solicitors.
This article was written by Daniel Sparrow.