We understand that separation and divorce can be a difficult time, especially if children are involved, however, it is important that you come to a fair agreement with your partner to divide your property and finances at the end of your relationship.
Property can generally be divided in two ways, that is, by consent where you and your partner agree upon how you wish for your property to be divided, alternatively, if you are unable to agree on how to divide your property, you may need to apply to the Family Court or the Federal Circuit Court for a decision to be made on your behalf as to how your property should be divided. If you are unable to reach agreement in relation to your property division it is important you seek legal advice about your options.
The Family Law Act 1975 provides procedures which can be followed to protect your position in either one of the above situations. Where you are in a position to negotiate and reach an agreement in relation to your property division, it may be in your best interest to enter into a written Binding Financial Agreement and/or lodge an Application for Consent Orders with the Family Court or Federal Circuit Court. It is vital that you understand and obtain legal advice in relation to effectively negotiating the division of your property and the effect of any agreement you enter into regarding your property settlement.
If you cannot reach a fair agreement in relation to the division of your own property, court proceedings for property settlement will need to be initiated. The Family Law Act 1975 provides the Court with the power to alter a party’s interest in the property as it deems appropriate to ensure a just and equitable distribution of property. There are factors and contributions the Court generally takes into account when considering a property settlement and it is important you seek legal advice in relation to this.
Depending on the circumstances, generally all the assets, liabilities and financial resources of each party will need to be disclosed for the purposes of determining the asset pool which needs to be divided. We note that the asset pool can generally include superannuation and you may have an entitlement to your partner’s superannuation under superannuation splitting laws.
There can be time restrictions which apply to property settlements depending on the circumstances of your relationship.
This webpage (and any material or wording appearing on this webpage) is provided for general information purposes only and does not constitute any Legal Advice. It does not take into account your objectives, your instructions or all of the relevant facts and/or circumstances. Navado accepts no responsibility to any person who relies on the information provided on this website. We further refer you to our Disclaimer.
Navado Lawyers & Solicitors has the expertise to assist you with your property settlement matter. To discuss your legal matter with a Sydney Family Lawyer, please contact Navado Lawyers Sydney by phone on 02 9233 4048 or email us at email@example.com. This article was published by Sandra Mezher, Family Lawyer Sydney.