After the breakdown of your relationship, one of the most important things that you need to consider is how the property will be divided between you and your ex-partner. One of the easiest way it can be achieved is through engaging in negotiations with your ex-partner and come to an agreement about the division of your assets. This agreement is called a Binding Financial Agreement. In order for your Financial Agreement to be binding, each party must receive independent legal advice about the effect of the agreement on their rights and the advantages and disadvantages of entering into the agreement. We can assist you drafting a Binding Financial Agreement reflecting your best interest.
An alternative way of securing your informal financial agreement with your partner to be binding and enforceable is to make an application for consent order to the Court. We can assist you with that.
However, too often parties are unable to reach an agreement about the division of the property, and in that case you need to file an application for the property settlement. The Court will determine the property settlement in four step process:
Step 1: Identify the asset, liability, and financial resources of the couple
Step 2: Assess the financial and non-financial contribution of the parties
Step 3: Assess each party’s future needs
Step 4: Whether the proposed division of property is just and equitable.
Before making an application to the court both parties have an obligation to make full and frank financial disclosure about their respective financial circumstances by providing all of their supporting financial documents to the other party. Rule 13.01 of the Family Law Rules 2004 provides that this “duty” is one of full and frank disclosure thereby extending to all financial documents.
For married couple the time limit of making an application to the court for property settlement is 12 months from the date of Divorce in which to apply to the Court for Property Orders or a Spousal Maintenance Order. For a De-facto couple it is two years after the relationship come to an end.
If you require assistance regarding your family law property settlement matter, you can Contact us to make an appointment by emailing firstname.lastname@example.org or phone (02) 8379 1811.