When a relationship breaks down, the things you once thought you’d never part with are suddenly up for grabs. Who cares if you never liked that coffee table. The real question is – who is going to get it?
A family law property settlement will deal with this exact question. Property settlement is the term given to the process of dividing the assets of a relationship after it breaks down. In family law, if a relationship breaks down it is imperative that both parties decide how they want to divide their assets and then create a legally binding document to that effect.
The property settlement will divide not only assets between the parties but also liabilities, debt, and superannuation. It takes into account the financial contributions of the parties as well as the non-financial contributions. Essentially, the property settlement process will look like this:
However, the process doesn’t end there.
At law, agreements about who gets what are not legally binding unless the Court consents to the terms or decides the terms itself . Generally, the parties to the relationship will negotiate who gets what and then they apply to the Court for orders to that effect. To get these Consent Orders, you are generally required to attend Court in person. However if negotiating with the other party is proving difficult, as it can be in some cases, it is possible to apply for a court hearing, after which the court will decide on the orders to be made itself.
If you have any questions regarding property settlement or have recently separated and are considering your current financial situation please or to find out more about family law, family law lawyers and the court system, please contact James Frank for further advice at jfrank@franklegal.com.au or 02 9688 6023.
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This article is provided to the reader for general information. It is not legal advice.