Property settlements can only add to the stress of the after-effects of a divorce or separation. When you are granted a divorce, this does not automatically include a property settlement. The process for a property settlement is separate to the divorce or separation. Any property settlement must be finalised within twelve (12) months of the divorce or separation – strict time limits may apply to your circumstances and it is important that you immediately seek legal advice. Our Family Lawyers are highly experienced in the area of property settlement. Over the years, we have represented clients in a broad range of matters with matrimonial pools and estates ranging some small personal effects and other financial commitments, to complicated business, entity or family trust structures, involving several parties and other third parties, many properties and multi-million dollar assets and estates and multi-million dollar commitments.
There are a number of ways in which a property settlement may be issued:
- Binding Financial Agreement;
- Consent Orders; or
- Court Proceedings for Court Orders.
Where there is a Binding Financial Agreement in place, the operative provisions of the agreement relating to the division of property between the parties are usually drafted to come into force once the parties separate or upon a divorce. A binding financial agreement is generally drawn up before two parties decide to live together or marry. For further information on binding financial agreements, you can refer to our website.
Where no Binding Financial Agreement exists and the relationship breaks down, the parties will need to arrange a property settlement separate to the divorce. Consent orders are basically orders that the parties have agreed upon and tendered to the court. If the court is satisfied with the orders, the court will usually make the orders legally enforceable. Consent orders are advantageous in that the parties have control and certainty of the outcome, subject of course to the final approval of the Court. Where the parties cannot come to any form of agreement, the court will make the orders it sees fit.
If there is no binding financial agreement in place and the parties are unable to arrive at an agreement to enter into Consent orders, then the parties will often be left with no option but to commence court proceedings seeking appropriate Court orders for the division of property. Making an application for a property settlement can be complicated and will often be stressful and expensive. You must consider all possible assets, liabilities, income, expenses and financial resources and superannuation of yourself and your ex-partner. Assets may include the division of debts payable to the parties, property and even superannuation.
Regardless of how you arrive at a property settlement, a family Lawyer can ensure that the legal technicalities are satisfied and the settlement will be legally recognised. Further, a Family Lawyer can also ensure that your agreement or the outcome is properly documented to minimise the risk of there being a any further non-compliance.
The Family Lawyers at Navado Lawyers & Solicitors are highly experienced in property settlements and have advised on a range of complex matters. Contact one of our Family Lawyers to book your first free consultation today. If you wish to make an appointment to see us at our head office in Sydney CBD, contact us by telephone on (02) 9233 4048 or send an email to firstname.lastname@example.org. Alternatively, we may see you in one of our branch offices located in the Sydney metropolitan area. For a complete list of our branch offices, please peruse our "Locations" tab.
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.
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