Thankfully, the answer is not necessarily. Your property settlement negotiations will include all property brought into the relationship by either party, as well as anything that was bought during the relationship and sometimes even after separation. The length of your relationship is also an important consideration.
So breathe easy, because everything is considered, regardless of whether the asset is in joint names, just your name or just your partner’s name. It’s important to the Court that the division of assets is equal and fair, according to both of your contributions during the relationship, whether financial or non-financial. In fact, as part of your property settlement some property may even change ownership.
However, it is important to act quickly if some property is in your partner’s name only, as he/she may be able to sell this property without letting you know.
Contact us on (08) 8410 9494 or email me directly on firstname.lastname@example.org, to discuss ways we can help you protect these assets and finalise your property settlement.
Written by Ellie Douglas, Associate Lawyer.