Property & Financial Settlement
Relationship breakdown is often traumatic. Not only do you have to deal with emotions but at some point, you need to make decisions about fair division of property and assets – financial or otherwise.
Property and assets may be divided between you and your partner by:
agreement
using a family dispute resolution service to help reach agreement, or
going to court
The Family Court requires people applying for financial orders to follow pre-action procedures including dispute resolution before being able to file an application. People are encouraged to attempt to resolve issues they don’t agree about before filing any applications. In many cases parties will be ordered to attend dispute resolution before they file with the Court. Litigation can be costly, drawn out and may result in outcomes that do not suit either party. Family dispute resolution is an affordable and often faster option for resolving disputes, while allowing you greater control and management of the process and the outcome. It is always recommended that you get legal advice to begin with so you understand your position fully, even if you can amicably reach an agreement.
If you go through the court, a magistrate’s job in making a decision about division of property is neither simple nor straightforward and discretion plays a part. Keep this in mind when getting legal advice and ensure you have made full disclosure including assets, liabilities and entitlements.
Family Dispute Resolution Practitioners cannot give legal advice. Their purpose is to ask the right questions and assist you to come to resolutions for your situation. If you have children, they will always keep the best interests of children at the forefront of negotiations.
When should we divide our property?
You do not have to be divorced or separated before you divide your property. However, it helps if you have gone through the worst of the emotional upheaval and made some arrangements about your children. Reconciliation needs to no longer be possible.
There are time restrictions for applying to court and they differ depending on your relationship.
For divorced couples, you must apply to the court for a property settlement within 12 months of your divorce unless there are special circumstances.
For de facto couples, applications regarding maintenance and property must be lodged within two years of the relationship ending.
A de facto relationship is defined in Section 4AA of the Family Law Act 1975. The law requires that you and your former partner, who may be of the same or opposite sex, had a relationship as a couple living together on a genuine domestic basis. However, your relationship is not a de facto relationship if you were legally married to one another or if you are related by family.
How do I find out more?
Email admin@kpconsult.com.au about your needs or to make an appointment.