Property Settlements After Separation: Advice from Mornington Family Lawyers

[Kate Felicity]

Property settlement is a crucial part of separation and divorce, as it determines how assets, liabilities, and financial resources are divided between former partners. Mornington family lawyers provide expert legal guidance to ensure that property settlements are fair, legally binding, and reflective of each party’s contributions and future needs.

What Is a Property Settlement?
A property settlement is the legal process of dividing assets and debts between separating partners. It includes:

Real estate (homes, investment properties)
Bank accounts and savings
Superannuation funds
Businesses and investments
Vehicles and valuable personal belongings
Liabilities such as mortgages, loans, and credit card debt
Mornington family lawyers assist clients in negotiating property settlements that reflect their financial contributions and entitlements.

How Is Property Divided in Australia?
Under the Family Law Act 1975, property division is based on fairness rather than an automatic 50/50 split. The court considers factors such as:

Each party’s financial contributions – Including income, property, and assets brought into the relationship.
Non-financial contributions – Such as homemaking, childcare, and supporting a partner’s career.
Future needs – Including age, health, income-earning capacity, and caregiving responsibilities.
Fairness and justice – Ensuring that the division does not disadvantage one party unfairly.
Mornington family lawyers help clients navigate these factors and ensure they receive a fair share of assets.

Steps in a Property Settlement
Identifying and valuing assets and liabilities – Both parties disclose their financial situation.
Negotiation and mediation – Parties attempt to reach an agreement outside of court.
Formalizing the agreement – A legally binding agreement can be made through a Consent Order or Binding Financial Agreement.
Court proceedings (if necessary) – If no agreement is reached, the court will decide how assets are divided.
Mornington family lawyers help clients reach fair agreements and avoid unnecessary court battles.

Do You Need to Go to Court for a Property Settlement?
Most property settlements are resolved through negotiation and mediation, avoiding the need for costly court proceedings. However, if disputes arise, Mornington family lawyers represent clients in court to secure fair outcomes.

Why Choose Mornington Family Lawyers for Property Settlements?
Expert negotiation skills to secure favorable settlements
Strong knowledge of family law and asset division
Assistance in formalizing legally binding agreements
Court representation in complex property disputes
Dividing property after separation can be stressful, but with the right legal support, clients can ensure a fair outcome. Mornington family lawyers provide professional guidance throughout the entire property settlement process.