The Family Court and de facto relationships

Property Settlements & Asset Division

Leading Property Settlement Lawyers serving the Northern Rivers

Separating from a partner often involves untangling shared finances, property, and assets. Resolving financial affairs after the breakdown of a marriage or de facto relationship is an important legal process, and getting the right advice early can make a real difference to the outcome.

At Somerville Laundry Lomax, our property settlement lawyers provide expert guidance to help you navigate the complexities of asset division and secure a fair and legally binding resolution.

Drawing on decades of experience serving clients in Lismore, Ballina, Byron Bay, and Kyogle, our firm regularly handles complex property matters, including those involving family businesses, private companies, trust structures, and significant superannuation interests.

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The 4-Step Legal Framework

In accordance with the Family Law Act 1975, the Federal Circuit and Family Court of Australia applies a consistent four-step methodology to determine a “just and equitable” division of property.

1. Identification of the Net Asset Pool

The process begins with the identification and valuation of all property, liabilities, and financial resources. This includes:

Real Estate: Residential homes, investment portfolios, and commercial holdings.
Financial Assets: Cash, shareholdings, and superannuation splitting entitlements.
Corporate Interests: Expert valuations of family trusts and private company interests.

2. Assessment of Contributions

Financial Contributions: Initial assets, salaries, inheritances, and significant gifts.
Non-Financial Contributions: Improvements to assets and assistance in business operations.
Welfare Contributions: The law provides significant weight to the role of the homemaker and parent.

3. Adjustments for Future Needs

A further assessment is made regarding the future requirements of each party, including earning capacity, age, health, and care of children.

4. The Just and Equitable Determination

The final step ensures that the overall division of property is fair and reasonable.

Statutory Time Limits

Married Couples: Applications must be filed within 12 months of a Divorce Order becoming final.
De Facto Relationships: Parties must commence proceedings within 2 years of separation.

Failure to act within these periods may require Court permission, which is not guaranteed.

Achieving Finality Without Court

Consent Orders: Court-approved agreements.
Binding Financial Agreements (BFAs): Private legally binding contracts.

Formalising your settlement may also assist with Stamp Duty and Capital Gains Tax (CGT) exemptions.

Take the Next Step Towards Financial Certainty

Contact our office for a confidential, no-obligation discussion to ensure your interests are protected.

Email [email protected]

Call us on 02 6621 2481

How Our Property Settlement Lawyers Can Help You

Expert Guidance: Clear, accurate advice at every step.
Strategic Negotiation: Focus on fair settlement without court.
Technical Precision: Experience with trusts and companies.
Finality and Security: Legally binding outcomes.

Locations We Service

We assist clients across Lismore, Ballina, Byron Bay, Kyogle, Casino, Ocean Shores, Brunswick Heads, Evans Head, Alstonville, and the Northern Rivers.

Our office locations:

Lismore
Ballina
Byron Bay
Kyogle

Frequently Asked Questions

When should I start a property settlement?

You can commence negotiations immediately upon separation. In fact, waiting can be detrimental, as the “property pool” is valued at the date of the settlement or hearing, not the date of separation. Acting early ensures that assets acquired post-separation are appropriately handled and prevents the unintended depletion of joint funds.

What assets are included in a property settlement?

Under Australian law, “property” is defined broadly. It includes all assets held in joint or sole names, as well as interests in:

Real estate (residential, commercial, and vacant land).
Superannuation interests and entitlements.
Business interests, family trusts, and private companies.
Inheritances, lottery wins, and redundancy payments.

How does the court view family violence in a property split?

As of the 2025/2026 Family Law reforms, the court must explicitly consider the economic consequences of family violence. If coercive control or economic abuse has impacted your ability to contribute to the relationship or has diminished your future earning capacity, our lawyers will advocate for a significant adjustment in your favor to reflect this disadvantage.

Who gets the pets in a divorce?

In 2026, pets are recognised as “companion animals” rather than mere property. When parties cannot agree, the court now considers the welfare of the animal and the emotional bonds of the family (including children) when determining ownership.

Can my former partner claim my inheritance?

Inheritances are generally included in the global asset pool. However, the party who received the inheritance may be credited with a significant “contribution” weighting, particularly if the inheritance was received late in the relationship or after separation. Each case depends on the timing and how the funds were used.

What is "Full and Frank Disclosure"?

This is a mandatory legal duty. Both parties must provide all information and documents regarding their financial circumstances. Failure to disclose assets, including cryptocurrency, offshore accounts, or trust interests, can lead to the court setting aside final orders and imposing significant costs or penalties.