FAMILY LAWYERS KIAMA

Buying or selling property is often one of the largest financial transactions a person will make. While the conveyancing process may appear straightforward, even small mistakes can lead to costly delays, disputes, or unexpected liabilities. Understanding some of the most common conveyancing pitfalls can help buyers and sellers avoid unnecessary stress and ensure a smoother property transaction. What is conveyancing? Conveyancing is the legal process of transferring ownership of property from one party to another. It involves preparing and reviewing contracts, conducting searches, ensuring compliance with legal requirements, and coordinating settlement to finalise the transfer. For many people, the process can seem administrative. However, each transaction carries significant legal and financial risks that need to be carefully managed. Failing to review the contract before signing One of the most common mistakes is entering into a contract without first obtaining legal advice. A contract for sale may contain special conditions that affect the buyer or seller’s rights. These can include clauses relating to conditions that have to be met prior to settlement, defects, additional fees, and restrictions to the use of the property in question. Once contracts have exchanged, parties are generally legally bound to complete the transaction. Having a solicitor or conveyancing review the contract before signing or alternately during a cooling off period, can help you identify the potential risks and allow amendments to be negotiated before you are bound by the terms. Not conducting proper due diligence Buyers should ensure appropriate searches and inspections are carried out before committing to the purchase. Important due diligence steps may include: Pest and building inspections; Title and zoning searches; Reviewing council approvals for structures on the property; and Checking for easements, restrictions or covenants. Failure to investigate these matters can result in unexpected issues after settlement, including development problems, disputes with neighbouring properties and hidden costs. Overlooking settlement adjustments The settlement process involves parties adjusting on financial items such as: Council rates; Water rates; Strata levies; and Land tax (if applicable). If these adjustments are not properly calculated, either party may end up paying more than they should. Experienced solicitors and conveyancers ensure these adjustments are verified and accounted for when exchanging figures prior to settlement. Delays caused by missing documents Property transactions often involve strict deadlines. Missing documents, incomplete disclosure, or delays in obtaining mandatory certificates can slow the process and potentially jeopardise your position putting you at risk of costs and rescission. Working with a solicitor or conveyancer early in the process can help ensure all necessary documentation is prepared and exchanged in accordance with set timeframes. Not seeking legal advice for complex transactions While many property transactions follow a standard process, some situations can involve additional legal complexity. Examples include: Purchasing property through a company or trust; Buying off-the-plan developments; Rural or large land purchases; Subdivisions or development potential; and Transfers between family members. In these cases, legal advice can help ensure the structure of the transaction is appropriate and compliant with the relevant laws. The value of experienced conveyancing advice Property transactions involve significant financial commitments and legal obligations. Even experienced buyers and sellers can encounter unexpected issues if risks are not properly identified. Seeking professional conveyancing advice early in the process can help: Identify and mitigate potential risks found in contracts; Ensure appropriate searches are conducted using the correct platforms; Manage settlement deadlines to remove the stress from you; and Avoid costly mistakes which you may be liable for. With the right guidance, the conveyancing process can proceed smoothly, allowing buyers and sellers to focus on the next stage of their property journey. Contact the number one conveyancing team in the Illawarra today. We are experienced, approachable, and here to ensure your transaction is smooth and stress-free.

As more aspects of our lives move online, digital assets are increasingly forming part of family law disputes. From cryptocurrency and online businesses to social media accounts and digital intellectual property, these assets can hold significant value and may be considered when property is divided following separation. Understanding how digital assets are treated in a property settlement can help parties ensure that all assets are properly identified and fairly distributed. What are digital assets? A digital asset is any asset that exists in digital form that holds a value. In the context of family law, this can include a wide range of items, such as: Cryptocurrency holdings (such as Bitcoin or Ethereum) Online businesses and e-commerce stores Domain names and websites Digital intellectual property, including software, designs or online content Social media accounts that generate revenue Digital advertising accounts or monetised platforms NFTs (non-fungible tokens) Online investment accounts Digital wallets or payment platforms In many cases, these assets may not be immediately visible in traditional financial documents, which can make them harder to identify during a property settlement. Are digital assets included in the asset pool? Under Australian family law, the Court considers the total asset pool of the parties when determining a property settlement. This includes assets held individually by the parties, jointly, or by the parties through companies or trusts. Digital assets are treated the same as other forms of property. If an asset has financial value, it is generally included in the property pool regardless of whether it exists physically or digitally. The importance of full financial disclosure All parties involved in family law proceedings are required to provide full and frank disclosure of their financial circumstances. This includes digital assets. Because some digital assets can be difficult to detect, issues can arise where one party fails to disclose them. For example, cryptocurrency wallets or online trading accounts may not appear on standard bank statements. If undisclosed digital assets are later discovered, the Court has the power to revisit or set aside a property settlement that was reached without consideration of these assets. The growing role of cryptocurrency Cryptocurrency has become one of the most common digital assets appearing in modern day property settlements. Because cryptocurrency transactions can occur outside traditional banking systems, they can be more difficult to trace. However, blockchain analysis and forensic accounting techniques are increasingly used to identify crypto holdings and transaction histories. Protecting digital assets during separation If you are separating and hold digital assets, it is important to take steps to properly disclose them. This may include: Recording all digital assets and accounts you hold Preserving transaction histories Obtaining professional valuations where necessary Seeking legal advice early to ensure proper disclosure Early identification of digital assets can reduce disputes and help ensure a smoother property settlement process. Seeking legal advice The complexity, volatility and sometimes hidden nature of digital assets can create challenges if they are not properly identified and managed. Obtaining legal advice early in the separation process can help ensure that such assets are correctly disclosed, valued and included in the overall asset pool. If you are navigating a property settlement involving digital assets, experienced legal guidance can assist in protecting your interests and achieving a fair outcome. Do you need family law advice? We specialise in all areas of family law and have a team of experienced, caring family lawyers conveniently located throughout the Illawarra region and the Sydney CBD.

Separation is rarely simple, particularly when property (including businesses and superannuation) and children are involved. One of the most common questions we are asked is: “Who gets what?” In Australia, property settlements are governed by the Family Law Act 1975 . The process is structured, but outcomes depend heavily on the specific circumstances of each relationship. No each case is the same. Step 1: Identifying the asset pool The first step is identifying and valuing the total asset pool. This includes: Real estate Savings and investments, including cryptocurrency and shares Businesses and trusts Superannuation Vehicles and personal property Liabilities and debts Importantly, the asset pool includes everything owned individually, jointly, or through entities such as companies or discretionary trusts. Step 2: Assessing contributions The court then considers the contributions made by each party, including: Financial contributions (such as income earned by the parties during the relationship, assets brought into the relationship, and the payment of the mortgage, rates and utilities during the relationship and post-separation) Non-financial contributions (such as renovations conducted on any real estate during the relationship and post-separation, care provide to family members, and the completion of housework) Homemaker and parenting contributions Contributions are not assessed in dollar terms. Raising children or supporting a partner’s career are recognised as relevant contributions. Step 3: Future needs The court also considers future factors, which include (but are not limited to): Income earning capacity Age and health Care of children Length of the relationship Adjustments may be made if one either party have a future need. Time limits apply Strict time limits exist: Married couples must apply for property settlement within 12 months of a divorce order being made. De facto couples must apply within 2 years of separation. Missing these deadlines can significantly complicate your position, such it is important to get advice regarding your matter as soon as possible after separation to avoid being “out of time”. Do I need to go to court? Most property settlements are resolved through negotiation (whether through parties themselves or solicitor correspondence) or mediation. Court proceedings are generally a last resort. However, formalising any agreement through Consent Orders or a Binding Financial Agreement is critical to ensure finality and protection from future claims. Early advice makes a difference Every separation is different. Business structures, trusts, inheritances and superannuation can significantly affect outcomes. Obtaining early legal advice helps clarify: The likely asset pool Your contribution position Potential future needs adjustments Strategic options for resolution If you are considering separation or have recently separated, our family law team can provide clear, practical guidance tailored to your circumstances. Do you need family law advice? Kells specialises in all areas of family law and have a team of experienced dedicated family lawyers conveniently located throughout Sydney and the Illawarra.