Hi there. When a couple separates, it will be necessary to determine how their assets and debts are divided, including any property that was owned by each of them. You are free to negotiate this division of property directly with your spouse and try to reach an agreement without involving the courts. If an agreement can be reached, and you wish to formalise it (i.e. make it legally binding and enforceable), you can apply to the Family Court (www.familycourt.gov.au) for consent orders. In your case, if you are satisfied that you are entitled to, and willing to accept, a payout equal to half of the value of the property, you can apply for consent orders from the court.

However, if you are unable to reach an agreement with your spouse or you want the property settlement to also take into account your future financial needs for living and raising your child, it may be more appropriate to ask a court to divide your property for you (called 'financial orders'). There is no set formula used to divide your property, but the court will consider things such as the direct and indirect financial contributions of each party to the marriage, non-financial contributions, and the future needs of each spouse. The decision will be one that the court considers to be just and equitable based on the facts of your case. A court can also make orders with respect to child support and parenting arrangements.

Suggested way forward

It is important that you get what you are entitled to in the property settlement. Speaking to a family lawyer will help you understand your legal rights and the best way to enforce them. By pressing the “Consult a Lawyer” button, LawAdvisor can help you search for experienced lawyers and obtain fee proposals for their services. Costs for legal advice and representation will vary between providers based on experience and the scope of services.