Q: Is a property settlement the same as a divorce?
A: No.
A divorce will dissolve your marriage to your former partner, allowing you to re-marry. You can apply for a divorce after you have been separated for at least 12 months.
A property settlement divides property between you and your former partner after you separate. You can start to negotiate a property settlement immediately after separation. A property settlement will divide your property, but you may remain married.
It is important to get legal advice about the impact of remaining married, even if you have finalised your property settlement. This is particularly critical for your future estate planning.
Q: Does my superannuation have to be included in the asset pool?
A: Yes.
Part of the process of negotiating a property settlement includes reviewing all the assets, liabilities and financial resources accumulated during your relationship.
Depending on your circumstances, superannuation may be treated differently. Generally speaking, superannuation can only be accessed when you reach a condition of release, such as eligible age. Superannuation will still need to be addressed in a property settlement – even it is agreed that each party keeps their own entitlements.
Q: We have always had separate finances. Why do I need to share information now?
A: Family law negotiations differ to other areas of law. In criminal cases, the Prosecutor will investigate and produce evidence without the assistance of the Defendant. Family law negotiations require all relevant information about the financial relationship to be disclosed – whether you have had separate finances or held joint accounts throughout your relationship.
Q: My partner cheated. I want justice.
A: Family law matters fall under a “no fault” jurisdiction. While some conduct may be morally offensive, there is no additional adjustment for an extra-marital affair.
However, there are other factors that may be considered for adjustment including but not limited to the impact of domestic and family violence on the relationship.
Q: We are amicable. Why should I speak to a family lawyer?
A: Family lawyers cannot act for both parties. Even if you are amicably separating, each party has their own legal rights, interests and responsibilities in a property settlement.
