Property Settlement - Brazel Moore Lawyers
Property & Financial Matters
Property Settlement after separation can be very difficult for couples to agree on. It is important that a fair division of their property, assets and liabilities is made. It is not always a matter of just dividing everything down the middle.
When deciding whether a property settlement is fair and reasonable, the Family Court apply a number of principles to work out what a fair division would be. This will vary as each property settlement is determined on it’s own individual circumstances. Some of the things the Court will look at are –
- What assets and liabilities each party had at the beginning of the relationship;
- How long the couple have lived together;
- Each person’s health and earning capacity following separation;
- Whether there are children of the relationship and what the living arrangements will be for those children;
- Whether either of the parties have received any lump sum payments during the relationship ie inheritance, gift etc.
What happens if you come to an agreement?
If you can reach a property settlement agreement that is fair to both of you, you should seek the advice from expert property settlement lawyers who will provide advice in relation to the split you have come up with.
Your former spouse should also seek independent legal advice.
An Application for Consent Orders would then be prepared by your Lawyer for execution by yourself and your former partner.
There are a number of reasons why formal Orders should be made in relation to a family law property settlement.
Firstly, once Court Orders are made, the agreement between yourself and your former spouse becomes binding meaning that you both must abide by those Orders. This means that your former spouse cannot make any future claim on property or asset you acquire after the making of the orders.
Secondly, should your former spouse not comply with the Orders made by the Court, there are clear enforcement procedures available to your Property Settlement Lawyers.
Thirdly, should there be a property being transferred as part of the property settlement agreement exemptions are available in relation to the payment of Stamp Duty and Capital Gains tax.
How is the agreement made binding?
Once a property settlement agreement is reached, a document referred to as an ‘Application for Consent Orders’ is completed and filed with the Court. This document should be prepared by a Lawyer experienced in Family Law Property Settlement.
We can help you to complete this document and can file it online with the Family Court for you. Contact us now.
WHAT HAPPENS IF WE CAN AGREE?
If you are unable to reach an agreement on property settlement after separation it may be necessary for you to file an Application in the Family Court for property settlement.
This can be a costly and stressful procedure and our expert property settlement lawyers will do what they can to negotiate with your former spouse to avoid Court intervention being necessary.
However if litigation becomes necessary, our expert Family Lawyers are skilled advocates with a strategic approach who are able to effectively guide you through complex Property Settlement proceedings.
There are strict time limits on the filing of family law property settlement applications. Any Application for property settlement must be filed within twelve (12) months from the date of divorce or in the case of de facto relationships, within two (2) years from the date of separation.
To file an application for Family Law Property Settlement outside of the time limits stated above, leave must be granted by the Court to do so.
Contact our expert Property Settlement Lawyer