A property settlement is an agreement between two separating parties (whether married or de facto) as to the division of their assets, liabilities and financial resources. It may be documented by way of Consent Orders or a Binding Financial Agreement.
A property settlement involves a “4 step” process:
- identify the asset pool (assets, liabilities and financial resources such as superannuation);
- assess the financial and non-financial contributions made by the parties;
- consider whether there are any future needs of the parties; and
- determine whether the proposed settlement is just and equitable.
Our team at The Small Business Lawyer can provide you with advice in relation to a proposed settlement and documenting such agreement.