FAQ's
Even where parties agree, it is often worthwhile obtaining legal advice.
Many people are able to reach an agreement regarding their property but are unsure how to properly document it.
A lawyer can advise whether the agreement is likely to be fair, explain the legal implications of the proposed settlement and assist in ensuring the agreement is properly formalised.
Often the most cost-effective family law matters are those where parties have already reached agreement and simply require assistance documenting the outcome correctly.
Both can be used to formalise a property settlement, but they operate differently.
Consent Orders are approved by the Court and become legally binding orders.
A Binding Financial Agreement is a private agreement between the parties which requires each person to obtain independent legal advice.
The most suitable option will depend on the circumstances of the parties, the nature of the assets and the agreement reached.
I regularly discuss the advantages and disadvantages of each option with clients before deciding which approach is best.
Time limits apply.
If you were married, you generally have 12 months from the date your divorce becomes final to commence court proceedings regarding property matters.
If you were in a de facto relationship, you generally have two years from the date of separation.
It is important not to leave matters unresolved for long p
There is no automatic 50/50 rule.
When considering a property settlement, a range of factors are taken into account, including the assets and liabilities of the parties, financial contributions, non-financial contributions, future needs and other relevant circumstances.
Every relationship is different and every property settlement is different.
The outcome will depend on the particular facts of your situation rather than a fixed formula.
Not necessarily.
Many separated couples are able to reach an agreement without attending a final court hearing.
Once an agreement has been reached, it can often be formalised by way of Consent Orders or, in some circumstances, a Binding Financial Agreement.
Formalising an agreement is important. Simply having a verbal agreement or transferring assets between yourselves may not provide adequate legal protection.
Obtaining advice can help you understand the most appropriate option for your circumstances.
The above examples relate to current laws in South Australia. They are general in nature, and you should seek personalised legal advice.
