10 Tips for Negotiating your Property Settlement in Australia
- Kaela Louise
- Feb 3, 2022
- 2 min read
Dividing assets after separation is one of the most significant financial decisions you will make. Property settlement in Australia requires both parties to reach an agreement on how assets, liabilities and superannuation are divided following the breakdown of a relationship, whether you were married or in a de facto relationship.
There is no doubt that reaching that agreement can be a difficult experience. The parties are often spending time together for the first time in a while, dealing with all the emotion that comes with that. This can be compounded by feelings about what happened during the relationship, disagreement about how assets were acquired, who was responsible for maintaining them, and how they should be shared.
The following tips will help you prepare for the process and get the most out of your first appointment with a family lawyer.
Write down any significant assets and liabilities you or your ex-partner had at the beginning of the relationship (and any values if you know them);
Write down the current assets and liabilities along with current values to the best of your abilities;
Consider preparing a timeline of events so that you can recall important dates when speaking with your solicitor.
Confirm whether you or your ex-partner received any lump sums during the relationship (such as inheritances, compensation pay outs or redundancies) – write down how much each lump sum was, when it was received and if possible, what the money was spent on.
Gather copies of documents including bank statements, payslips, statements for liabilities, superannuation statements and any other document which evidences both yours and your ex-partners financial situation.
Think about who will be keeping which parts of the property pool or which property pool would need to be sold.
Consider what you may think is a fair outcome and if safe to do so – make an offer of settlement to your ex-partner (or instruct us to put the proposal to them on your behalf).
Negotiate respectfully and give each other time to consider offers and to obtain independent advice.
Understand that you might not agree on everything and that’s ok too. You might still be able to agree on a final outcome without agreeing on all of the nitty gritty.
If you can reach an agreement, contact us to formalise it by way of Consent Orders. Formalising your agreement is an important step that provides both parties with certainty and legal protection going forward.
The above tips will get you well on your way to a successful first appointment where we can cover a significant amount of ground and discuss a strategy for your matter moving forward. We provide independent, practical, no-nonsense information and support to help you resolve your legal issues through agreement or Court action should negotiations fail.
If you are preparing for property settlement negotiations and want clear, strategic advice before you begin, a Strategic Advisory Session gives you the direction you need. In a single, fixed-fee appointment we will work through your circumstances, identify the key issues and give you a clear plan for moving forward.
Not sure if this is the right starting point for your circumstances? Book a free 15-minute introductory call and we will point you in the right direction.
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