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Property Settlement after Separation – Divorce, De faco Relationships – House Valuation
Division of Matrimonial Property
A breakdown of a relationship is a very traumatic time in a couple’s life. Often, conflict surrounding the division of property, assets and custody of children can be the the cause of a great deal of stress and grief.
If you and your partner decide to separate and jointly own property, Australian Valuers is able to assist you with sound, professional advice, in consultation with you and your legal representatives, in regards to the division of matrimonial property.
Family Law Act
Depending on the total value of assets and complexity of matters that are involved, the decisions surrounding settlement may be heard before the Family Court of Australia, the Federal Circuit Court of Australia or a Local Court.
The Court will refer to the Family Law Act 1975 when deciding the outcome of financial disputes after the breakdown of a marriage or a de facto relationship.
What is the Property Settlement Process?
Property settlement for divorcing and separating couples is calculated using a four-step process, which means that the division of assets will be unique according to the personal circumstances of your family.
Step 1. Identification and Valuation of Assets, Liabilities and Financial Resources
The first step is to identify all assets, liabilities and financial resources of each party, regardless of when and how they were acquired. Then a monetary value is placed on each.
Each party is free to engage an independent property valuer, however, some choose to instruct one valuer to act on behalf of both parties. This is called using a “single expert witness”. Using one valuer means that there will be no disparity in the outcome of the valuation.
When engaging a property valuer in a matrimonial settlement, it is important that he or she has real court experience and has a proper understanding of the court process.
Australia Valuers has the expertise necessary in ensuring that your needs and expectations are met and will provide comprehensive documentation supporting the final valuation.
Step 2. Assessment of Financial and Non-Financial Contributions
The Court will take any financial and non-financial contributions made to the property and to the welfare of the family into account.
Non-financial contributions include labour that has resulted in an increased value of the property as well as unpaid home duties.
Step 3. Consideration of Future Needs
Once the share of property has been allocated, the court is required to make an adjustment to account for the future needs of each party. These include age and health, employment prospects and financial resources, future earning capacity, who will care for any children, and the length of the relationship.
Step 4. Decision of Equitability in Court
After examining the outcomes of steps one through three, the Court will then decide whether the proposed division of matrimonial property and assets is fair and equitable.
Contact Australian Valuers
If you would like to speak to one of our highly knowledgeable valuers in relation to matrimonial property division and settlement, please contact us today on 1800 664 094, or email at email@example.com.
“Property and finances after separation” . Website. Family Court of Australia. 3 May 2016. Retrieved 10 Apr 2018.
“Division of matrimonial property in Australia” . Website. Australian Government – Australian Institute of Family Studies. Research Paper No. 25 – Mar 2001. Retrieved 10 Apr 2018.