Financial Settlement

In the breakdown of a marriage or family, there are inevitably assets that need to be split between the relevant parties. If you have been in a relationship with an individual and have been living with them on a domestic basis for a period of more than two years, then this is known as a de facto relationship. A de facto relationship has very similar legal rights to a marriage when it comes to family law mediation services.

Holistically, a family law mediator from O’Sullivan Mediation will provide a structure for discussion. Under the guide of the mediator, parties will dispute the assets in question and seek to find common ground. It is important to note that there is no exact formula for dividing assets or property. Because of this, you can’t simply predict or forecast the outcome your financial settlement – it needs to be discussed.

While you may be striving for a personally favourable settlement, it is important to note that your O’Sullivan family law mediator is obliged to act in the best interests of all parties involved.

General principles

There are several key principles that must be applied to every financial settlement, regardless of whether it was a marriage or de facto arrangement. When you work with us, the following guidelines will apply to our work:

• examining the direct financial contributions made by each party (i.e. salary, wages)
• examining the indirect financial contributions made by each party (i.e. inheritances)
• assessing the value of non-financial contributions within the marriage or de facto setting (such as caring for children, contribution to domestic chores)
• looking ahead at future requirements like health, age, financial capacity and security and the wellbeing of any children involved

Other key considerations:

Superannuation

Superannuation is not treated as a conventional asset in family law mediation. In actual fact, couples are given greater autonomy and allowed to decide on the method of splitting their superannuation payments.

Time limits on property adjustments

If you were married, then you must apply for a property adjustment within twelve months of your divorce becoming final. On the other hand, if you were in a de facto relationship, then your property adjustment must be lodged within two years of the relationship breaking down.