Property Settlement & Financial Agreement
Property settlement and financial agreements are important aspects of family law proceedings in Australia. Property settlement refers to the division of assets and liabilities between the parties following the breakdown of a marriage or de facto relationship, while financial agreements are legal agreements made between parties that set out the division of their financial resources in the event of separation or divorce.
In Australia, property settlement and financial agreements are governed by the Family Law Act 1975, which sets out the rules and procedures that apply to these agreements. The Act provides a framework for resolving disputes and ensuring that each party receives a fair and equitable share of the assets and liabilities.
The process of property settlement can be complex, and it is recommended that parties seek legal advice to ensure that their rights are protected and that they receive a fair settlement.
The first step in the process is to identify and value all assets and liabilities, including property, investments, superannuation, and debts. Once this has been done, the parties can negotiate a settlement that is fair and equitable, considering factors such as the length of the relationship, each party’s contributions to the relationship, and their future needs.
If the parties are unable to reach an agreement through negotiation, they may need to seek assistance from the Family Court of Australia or the Federal Circuit Court of Australia. In these cases, the court will consider a range of factors, including the parties’ contributions to the relationship, their current and future needs, and the effect of the proposed settlement on any children of the relationship.
Financial agreements, also known as prenuptial agreements or binding financial agreements, are legal agreements that set out the division of the parties’ financial resources in the event of separation or divorce. These agreements can be made before or during a marriage or de facto relationship, and they can help to provide clarity and certainty in the event of separation.
To be legally binding, financial agreements must meet certain requirements, including being in writing, being signed by both parties, and being accompanied by independent legal advice. They must also be fair and reasonable at the time they are made and consider any changes in circumstances that may occur in the future.
In general, the best option for parties is to seek legal advice and work together to negotiate a fair and equitable settlement that considers their current and future needs. However, if parties are unable to reach an agreement through negotiation, a financial agreement or court proceedings may be necessary to resolve disputes and ensure that each party receives a fair share of the assets and liabilities. A binding financial agreement can provide a useful option for parties who wish to avoid court proceedings and maintain control over the outcome of their settlement.
Our property settlement and financial agreement lawyers are here to help you determine the division of assets or financial issues between you and your partner. Knap family lawyers will help you obtain a fair share of the property pool, so that you can move forward with your life after separation. Contact us today!
