Wedding and engagement rings can sometimes form the basis for an expensive and contentious issue in separation matters. Parties often wonder whether the rings are given some special status due to their symbolic value in the marriage or engagement.
In some separations, a beloved family pet may be ascribed more value by the parties than many of the other material assets. Despite this, the Family Law Act doesn’t specifically deal with pets. Instead, they are generally considered under the general category of property and so will be allocated under a property settlement in any way the Court sees fit in the event if there is no agreement between the parties.
Divorce and separation are already difficult periods of life, so having to worry about how you can best protect your assets is just another stress-inducing matter to think about. A common misconception is that the partner who stays in the house after separation has a better chance of keeping it when it comes time for a property division. This can lead to a ‘stand-off’, increasing conflict and making the situation more stressful for everyone involved.
Divorce and separation in Australian family law are two areas that are riddled with misunderstanding. Whether your knowledge of separation and divorce comes from American television, that friend you have who recently got divorced or your own experience, these 5 misconceptions will help to clear up any grey areas you might have around the topic.
Binding Financial Agreements (BFAs) and Property Consent Orders are two options in Australian Family Law for couples that wish to divide their property pool on a final basis in a relatively amicable way and to document their agreement. Both options are less stressful, more efficient and cheaper than going to court. Property Consent Orders are made by a court upon application by both parties who have reached an agreement as to how the matrimonial/relationship property should be divided after separation. On the other hand, BFAs function like a private contract between the parties that can be made before the relationship commences, during the relationship, or after the relationship has ended. They do not require an application by the parties to the Court or the Court’s approval. There are advantages to both options which we outline below.