Property Settlement
Finalising your property relationship for married and de facto relationships
Typically, your property relationship can be finalised if the parties have reached an agreement by either Consent Orders which are filed in the Court or a Binding Financial Agreement.
An effective way to resolve a property settlement is through mediation. We are able to represent you at mediation to resolve your property relationship prior to seeking the Court’s assistance.
If the parties are unable to agree then you will need to seek the assistance of the Court. Proceeding to Court is a last resort with resolving your property matter as the Court will make the decision as to how your property will be distributed and finalised.
This process applies for both married and de facto relationships.
Reaching an agreement by Consent Orders.
When parties are able to reach an agreement following separation, whether that be directly or with the assistance of their legal representation, through negotiations or mediation, the agreement can be documented by Consent Orders.
The Consent Orders are filed with the Court. If the Court is satisfied that the Orders meet the legislative requirements and that they are just and equitable, a Court Order will be made finalising the financial relationship.
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Is a Binding Financial Agreement suitable for your situation? Call Farrawell Family Law to discuss.
Reaching agreement by Binding Financial Agreement
Alternatively, parties can have their financial relationship finalised with a Binding Financial Agreement. A Binding Financial Agreement can be used to document an agreement reached either at the commencement of a relationship, during the relationship or following separation.
Both parties will need to obtain independent legal advice when finalising the property relationship with a Binding Financial Agreement. While the agreement does not need to be just and equitable or filed in the Court for consideration, there is a high threshold requirement for advice. This can make it a more expensive, but quicker process than Consent Orders as the parties do not need to wait for the Court to approve the agreement reached.
Further, you may still require the Court’s assistance for enforcement of the agreement in circumstances of non-compliance.
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Is a Binding Financial Agreement suitable for your situation? Call Farrawell Family Law to discuss.
When can I reach an agreement about property / financial matters and how do I document it?
Pre Nup
If you have commenced a new relationship and want to protect your assets, you can achieve this if the parties agree to enter a pre nup through a Binding Financial Agreement.
Agreement During the Relationship
You and your partner wish to finalise an agreement during the relationship in relation to dealing with the property of the relationship, in the event that the relationship breaks down in the future. This can be achieved with the parties entering into a Binding Financial Agreement.
After Separation
Following the breakdown of your relationship, you can finalise your property relationship if the parties agree either by Consent Orders or a Binding Financial Agreement.
If negotiating an agreement is not successful, you will need to seek the assistance of the Court to resolve your property settlement.
It is important to be mindful of the time limits that apply to finalising your property relationship; being 1 year from the date of divorce or 2 years from the date of separation for de facto relationships.
If you fail to finalise your property relationship within the relevant time frame, you will need to satisfy the Court that it would be appropriate for you to be granted leave to proceed out of time.
Our friendly team are available to assist you in determining the most appropriate way to deal with your financial relationship.
