Family Law Property and Related Financial Matters
After the breakdown of a marriage or de facto relationship, the division of property is critically important to the financial future of both parties.
Our Family Law property lawyers apply, pursuant to law, a number of steps to advise our clients on the division of their net assets.
Firstly, it should be determined whether in the circumstances of your case, it will be just and equitable for the Family Court to make an order altering the interests of the parties in their property.
The next step is to identify and value the assets and liabilities of your marriage or de facto relationship.
Further, consideration is given to the financial and non-financial contributions made by your partner and you at the commencement and during the relationship.
Consideration is then also given to those factors which need to be taken into account other than contributions e.g. such as the responsibility to care for children, any health issues, future earning capacity and so on.
Lastly, the division of your net asset pool must be fair and equitable to both of you in the circumstances.
It is very important to obtain legal advice as to your family law rights, entitlements and obligations. There are time limitations to making an application to the Family Court for property orders and you should seek legal advice to ensure you comply.
You can reach an agreement out of court. The agreement can be filed in the Family Court by using the process known as an Application for Consent Orders.
Another option is to formalise your agreement by way of a Binding Financial Agreement (“BFA”). Both your partner and you will have to obtain independent legal advice from a Family Law lawyer for the BFA to be binding. A BFA is not filed in Family Court.
Some of the advantages of formalising your agreement by way of either court orders or a BFA are that stamp duty and taxation relief may apply.
When your partner and you are unable to reach your own agreement on the division of your joint net assets, it may be necessary for you to commence defended Family Court proceedings for the court to make orders for such a division.
Whether you require initial once-off legal advice regarding the division of you and your partner’s assets, advice on the preparation of either an Application for Consent Orders or BFA, representation during the negotiation phase or court representation in defended court proceedings, our Family Law lawyers have the experience to assist you.