Dividing Up Assets And Property During A Divorce Or Separation
If your relationship ends, you and your ex-partner will need to decide how to divide your assets, debts, and other financial obligations like superannuation. Consider whether one of you should financially help the other as well.
If you can’t agree, a judge will have to make the decision for you, but you can resolve this issue amicably.
Except in Western Australia, where former partners must use the Family Court of Western Australia, this is handled by the Family lawyers in Australia for both married and de facto couples.
What Are Included In Property And Finance?
You must disclose all of your assets and financial details to one another and the court if you are going through a separation or divorce.
Money and property include:
the family home; automobiles; furniture; other personal property; and funds held in banks, building societies, credit unions, and other financial organizations.
– real estate investments
– commercial interests
– stock in corporations
– life insurance plans
– superannuation
Financial Agreements And Consent Decrees Are Used When You Agree To Divide Assets.
It can be a good idea to formalize your agreement and make it legally binding if you and your ex-partner have reached an agreement on how to divide your assets. This is possible by:
filing a request for a consent judgment creating a legal contract.
Consent orders A consent order is when you approach the proper court to issue legally enforceable orders regarding your agreement and put it in writing.
Only if the court determines that your agreement is properly drafted and reasonable will it issue a consent order.
monetary agreements
You can decide how your financial arrangements will be handled if your partnership ends in a legally enforceable, binding contract.
A financial arrangement can be made prior to marriage or a de facto relationship, as well as during and following one. You and your spouse must both obtain independent legal counsel and sign the financial agreement for it to be considered legally binding.
Financial pacts may include:
Financial support (maintenance) of one or both partners after a partnership ends, including superannuation entitlements.
If you didn’t obtain independent legal counsel or the agreement involved deception, such as one of you not fully disclosing all of your assets and financial information to the other, the court may rule that the financial agreement is illegal.
Financial Orders Are Used When Disputing The Division Of Assets Or Financial Support.
Lawyers can assist you in negotiating a Property Settlement Lawyers if you and your ex-partner cannot agree on how to divide your assets. You might need to initiate legal action. This is known as requesting a financial order.
Two Categories Of Financial Ordering Exist:
– Property order: this governs how property, income, and other financial resources are divided.
– The issue of former partners’ financial assistance is covered by a spousal maintenance order.
Requesting A Financial Order
You must complete a number of steps in order to apply for a financial order. These actions often involve submitting certain financial documents to the court and short appearing in court in person.
You’ll likely need to speak with a registrar—a member of the court—before you can appear in court. They’ll attempt to broker a compromise between you and your ex-partner or invite you both to a mediation session.
Mediation
It makes sense to think about mediation. You can resolve your property division and other financial issues with the aid of an experienced mediator.
If there has been violence or abuse in your relationship, mediation might not be the best course of action.
court proceeding
After mediation, if you still can’t come to an agreement, the court will have to make the decision. A hearing in court is what this is.
When making its decision, the court will take into account the specific facts of your case. Various families receive different decisions because there is no set method or standard for dividing property and money.
The court considers the following fundamental ideas before reaching a decision:
– Your assets and liabilities
– How much money each of you invested into the marriage, including any inheritances.
– What non-financial contributions you have made, such as taking care of your home and children?
– what you’ll require in the future, such as money to take care of your children or your own health.
– Potential earnings in the future.
The fairness of the financial order must be approved by the court.
Enforcing financial agreements, financial orders, and consent judgments
The Family Law Act can be used to enforce a consent order, financial order, or financial arrangement. It might be wise to seek legal counsel on this. Your lawyer can send a letter to your ex-partner in an effort to persuade them to follow the decree or agreement. If it doesn’t work, your lawyer can file court documents to enforce the agreement.
Spousal Support
In accordance with the Family Law Act, you must continue to provide financial assistance to your ex-partner after your relationship ends if they are unable to cover their basic needs on their own and you are able to do so. Spousal maintenance is what it is known as.
Spousal maintenance is not something you always get or have to pay for. Any payments that you and your ex-partner agree upon can be formalized by including the information in a consent order or financial agreement.
When determining spousal maintenance, the court considers your needs as well as a number of other factors, such as:
– Your age and physical condition.
– Your income, debt, and other financial resources.
– Your capacity for work
– whether your ability to make money has been impacted by the relationship.
– whether you are cohabiting with a new spouse or have remarried.
Within 12 months of the divorce’s finalization or within two years of the breakdown of a de facto partnership, you must submit an application for spousal maintenance. If there are exceptional circumstances after this point, the court can still allow you to apply.
