Olson Law Olson Law

Financial and Property Issues

We use the term ‘property’ but this does not refer exclusively to real estate and includes all the assets and liabilities of the relationship.

What am I entitled to?

Many people under-estimate or over-estimate what they are entitled to through a relationship property settlement. The advice of friends and family or neighbourhood stories tend to give people the wrong impression and either prevent them making a claim or encourage unrealistic expectations.

Also, an agreement written and signed by the parties without legal advice is not binding, so you can still negotiate your property settlement.

Our first consultation is free and will give you a clear understanding of what you are entitled to from a property settlement.

How do I receive my entitlements?

When people think of lawyers, they often think of Court and trials. However, most legal matters are settled by agreement, and family law is no different. There are a range of options open to you when you have legal representation, the most common of which is negotiation – which takes on various forms.

Send us an email or give us a call on [08] 6102 1029 for a better understanding of your options.

Key Concepts

Assets and Liabilities

In most family law matters (not all) the parties’ assets and liabilities are still jointly owned, even after separation and irrespective of which partner’s name the house, car, credit card is under.

In other words, your debts and property are likely still his/hers after separation.

Disclosure

This is essentially the financial documents both parties are required to provide each other to settle their matter.

You have a legal right to ask the other party to provide a range relevant documents to help you better understand the assets and liabilities of the relationship.

If you are asked for financial documents by the other party, provide them all and/or a reasonable explanation as to why you cannot provide specific documents. (Note: not being able to find them is not a reasonable excuse).

Attempting to hide or not provide documents is usually a fruitless exercise, as all financial documents can be subpoenaed through the Court. The subpoena enables the Court to ask the bank, super fund, family trust, etc to provide the necessary documents.

Limitation Dates

There is a certain amount of time parties are given to settle their property related matters with the Family Court’s assistance – this can be by either agreement/consent or as adversaries.

If you were in a de facto relationship the limitation period is 2 years from separation.

If you were married the limitation period is 12 months after you receive a divorce.