Once you have decided to separate, we strongly advise you to seek legal advice prior to discussions about property settlement or even taking the first step towards separation. This is to ensure that your financial interests are carefully considered and you can make informed decisions.
When it comes to deciding on a property settlement, we are often asked if there is a 50/50 property split rule. This idea is used as the beginning of the framework however there are many considerations that need to be taken into account in deciding how property should be split and more often than not, there is no formula used to determine how your property should be divided.
The most important factor in your property settlement, is to ensure that if you reach an agreement you formalize this agreement through Consent Orders or a Binding Financial Agreement. If your property settlement is not finalised through one of those two methods, you run the risk of having to go through a property settlement all over again.
If you cannot reach an agreement, you may need to seek the Court’s help to determine how your property settlement should be divided. In that situation, based on the unique aspects of your family, the Court will decide on what is a fair settlement.
For more information about the court systems and other financial related matters, go to our Useful Resources