What if we have already reached an agreement?
You should document your property settlements by way of Consent Orders or a Binding Financial Agreement. It is our view that Consent Orders are always the preferred way to document your agreement. Consent Orders are forwarded to the Family Court. Parties are not required to attend Court when filing Consent Orders. Consent Orders need to be filed 12 months after the date of your divorce or for de facto couples within 24 months of separation.
Is 50/50 the starting point?
No. The court does not start with the assumption that each party is entitled to 50 percent of the asset pool.
The court will consider factors such as:
- What each party had at the commencement of the relationship
- The length of the relationship
- What financial and non-financial contributions each party made during the relationship
- Did one of the parties stop work to look after children
- Did the stay at home parent give up career advancement and superannuation contributions
- The age of the parties
- The health of the parties
- Any inheritances received.
There are many more considerations taken into account by the Court. Contact us to make an appointment so that we can advise you on the likely outcome of your property settlement.
What assets are taken into account?
Assets that are taken into account, regardless of which party’s name it is in includes:
- Real estate
- Motor vehicles
- Monetary gifts from third parties
- Businesses and companies
- Tools of trade
- Family trusts
The court will also take into account liabilities such as mortgages and credit card debts regardless of whose name the debt is in.
What if I need money now whilst my matter is in court?
Parties can agree to or the Court can make orders that one or both of the parties receive a sum of money before the matter is finalised. It may also be appropriate to make an application for spousal maintenance.