Property Matters & Family Law
If you are thinking about separating or have already separated, it is important that you obtain legal advice in relation to your Property Matters. You do not need to be divorced to negotiate and finalise your Property Settlement Matters and as such, we recommend that you get legal advice early on.
The longer you leave your matter unresolved, the more difficult it may become and the more expenses you may incur. There are also time limitations that may apply if you are already divorced or if you were in a De facto Relationship.
You should not assume that your property will automatically be split 50/50 and you should not enter into a Binding Financial Agreement or Consent Order without first obtaining independent legal advice regarding your entitlements and rights. Each matter is different, and as such, there is not one set universal formula that will apply to every matter. Each outcome will be different.
What Factors Are Considered?
What is considered are your financial and non-financial contributions at the start of the relationship, during the relationship and post separation. This means that contributions such as income will be considered as well as non-financial contributions including duties as a homemaker or parent.
Consideration is also given to the future needs of the parties such as health concerns and the living arrangements of your children. The length of your relationship is also important.
Any agreement you reach must be documented properly and must comply with the requirements under the Family Law Act. The only recognised way of documenting your agreement is by way of Consent Order or Binding Financial Agreement. In this regard, you should obtain independent legal advice as to which method is most appropriate for your matter.
Agreements or Orders that are unfair or unjust are at risk of being overturned or rejected by the Court. It is therefore important to ensure that each party is reasonably and adequately provided for and you should obtain independent legal advice prior to executing any document in order to ensure that your interests are adequately protected.
For more information regarding Property Matters, see our Frequently Asked Questions. Alternatively, make an appointment with our Family Solicitor to obtain comprehensive advice regarding your Property matter.