Property Settlement
Book your free initial interview now. Call us on (08) 8212 1077 (South Australia), (08) 9211 5800 (Western Australia), (08) 8941 7814 (Northern Territory), (07) 3373 0200 (Queensland) or register online here.
Whether your relationship breakdown involves a marriage, a de facto relationship, or a same-sex relationship, the process for dealing with property settlements remains consistent, governed by the Family Law Act (1975).
When it comes to property settlement between you and your ex-partner, you may have heard various opinions and “facts” from friends and family. However, property settlement is unique to each couple, and the only way to ensure you receive your fair share and entitlements is by seeking early, independent legal advice.
At its essence, property settlement is an agreement on how you and your ex-partner divide your assets. This can occur post-separation and pre-divorce, or after divorce.
‘Property’ encompasses a wide range of assets, including tangible items like homes, cars, and bank funds, as well as less apparent assets such as long service leave entitlements, superannuation, potential compensation claims, and debts owed by you or your ex-partner.
Even if you and your ex-partner have reached an agreement, it’s advisable to consult with a lawyer to ensure fairness. We’re here to assist you in beginning your new life and moving forward with financial security.
-
How do you sort out property settlement?
The most effective approach to resolving these matters is through open communication with your ex-partner and reaching a mutual agreement. However, it’s prudent to seek independent legal advice beforehand. This ensures you understand your entitlements and obligations clearly before engaging in discussions.
-
What happens if you reach an agreement?
Upon reaching an agreement with your ex-partner, it’s common to formalize the arrangement through either a consent order approved by the Family Court or a Binding Financial Agreement (BFA). Opting for a court order or BFA provides the advantage of enforceability—should your ex-partner fail to adhere to the agreement, you have recourse to seek enforcement through the court.
We can assist in drafting the necessary documents for the consent order or BFA, ensuring your agreement is legally binding and offers you protection in case of non-compliance by your ex-partner.
-
What happens if you don't reach an agreement?
If you and your ex-partner are unable to reach an agreement, we can initiate proceedings in the Family Law Courts to obtain orders for your property settlement. The court may facilitate negotiation by arranging a conference, which both you and your ex-partner, along with your respective lawyers, attend. In cases of a history of violence or other circumstances where direct contact is undesirable, the court can arrange the conference to accommodate separate settings.
During this conference, a Registrar of the court will also be present to assist in facilitating negotiations. If the conference fails to reach a resolution, the case will be placed on the waiting list for a trial. Due to the lengthy waiting list, it may take over a year before your trial is scheduled.
-
Are there time limits?
It’s crucial to note that if you’ve been divorced, you have a limited timeframe of 12 months from the date of the divorce becoming final to apply to the Family Law Courts for a property settlement. You can apply for an extension of time but it may be difficult and typically, will add to cost