Following a separation, married and de facto often have assets that need to be divided between them. A property settlement is the means to do this whilst minimising any stamp duty on the transfer of assets. We can assist you with finalising all outstanding financial matters between you and your estranged spouse or partner. This can be done by way of a Court order (whether by consent or through litigation) or a Binding Financial Agreement. Once final orders are made you can confidently begin your new phase in life without worrying that your former spouse or partner may make a further financial claim.
If both parties reach an agreement as to how the property will be divided, how can they ensure their agreement is binding and enforceable?
In many cases parties are able to reach an agreement about a property settlement with the assistance of their lawyers. If they do, they can make an application for consent orders or a Binding Financial Agreement (“BFA”) which is a relatively simple and inexpensive procedure. If consent orders or a BFA are made then the parties have the benefit of knowing that their agreement is binding and enforceable.
What happens when the parties are unable to reach an agreement about the division of property?
If you can’t reach an agreement with your former partner as to a property settlement then you will need to file an application for property settlement in the appropriate Court. Most property settlement applications filed in Court are settled without a decision being made by the Court through negotiation or mediation. If a settlement is not achieved then the Court will make a decision as to how the property of the couple should be divided after a hearing before a judge or magistrate.
At Lynn and Brown, we like to exhaust all avenues of negotiation and mediation before commencing court proceedings (in most cases) to avoid the expense, both financial and emotion, involved in court proceedings.
Read more about de facto property claims or family court property procedures.
