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Where couples separate it becomes necessary to divide the assets and liabilities of the relationship. Although property divisions can be done without the intervention of the legal system, it is often wise to consult us about your legal rights and entitlements.
NQ Legal can assist you to formalise your separation agreement as it relates to property and finance. If you and your estranged spouse are not able to come to an agreement NQ Legal can help you bring your property dispute before a court to obtain a final and binding Court Order.
How to formalise a property settlement out of court:
Reaching a settlement out of court saves you and your family considerable time, stress and money. There are two ways that your agreement can be formalised:
- Financial Agreements
- Consent Orders
The Magistrates, Federal Magistrates and Family Court of Australia are able to make orders in relation to the division of property of the marriage, or in relation to claims for spousal or de facto maintenance. For more information on maintenance see spousal maintenance.
Parties to a marriage or de facto relationship can apply for financial orders. The Family Law Act 1975 (Cth) sets out the considerations of the court when deciding financial disputes. Each case will be decided differently based on the individual situation. The court will look at the:
- Assets, debts and their value;
- the financial contributions of the parties;
- the indirect contributions of the parties;
- the non-financial contributions of the parties; and also
- the courts may consider the future health, age, ability to earn (etc.) of the parties.
For more information on the application process for the drafting of financial orders contact us at NQ Legal.
Consent orders are agreements relating to property settlement, spousal maintenance, or children reached between the parties and formalised by Court Order. Consent orders are an inexpensive and time-efficient way of settling, clearly defining the parties’ entitlements and protecting the parties’ rights.
Consent orders must be submitted in the approved form with an attached proposed order. It must also be signed and witnessed and filed in the appropriate court with the appropriate filing fee for approval before it will become legally binding on the parties.
The court will only approve an order where it sees proper arrangements in place for the care of the children of the relationship, and where the property distribution is equitable in all of the circumstances.
For this reason it is also important that consent orders are drawn correctly and in a manner likely to gain the Court’s approval. At NQ Legal our experienced family lawyers are able to assist you in the drafting and execution of consent orders.
Please contact us to find out more or to discuss our fixed fees and disbursements.
property division divorce | property division agreement | property settlement