What You Need to Know About Your Family Law Property Settlement

When a marriage or a de-facto partnership breaks down, the finances of the couple need to be finalized and distributed. This can include transferring ownership of property, shares, cash, superannuation and other assets. It is important to get the advice of family or property lawyers in Melbourne and other areas to establish and finalize your entitlements.

Here are some things you need to know about property settlement:

A Property Settlement Should be Formalised

A formalized property settlement is legally binding. If the other party breaks the settlement agreement, you have signed documents in place with which the Courts can enforce compliance. With legal documentation in place, your financial relationship with your former partner is legally finalized. Your partner cannot make any further financial claims against you.

Have Your Family Lawyers in Melbourne Organise Your Property Settlement Soon After Separation

Until your property settlement is done, a claim can be made against you in the future by your former partner, subject to applicable time limitations.

When you do a property settlement, the property is taken into account as it stands at the date of the settlement. Assets that you may accumulate after this date are not taken into account. Although many people believe that assets are divided by the Courts as at the date of separation this is not the case.

If you do not organize your property settlement with your Property Lawyers in Melbourne quickly, assets that you accrue can continue to be subject to the property settlement. If your partner also sells or spends joint assets this can affect your entitlements.

Having a property settlement done quickly protects your assets.

How is a Property Settlement Formalised?

A property settlement is formalized with either:

  • A Consent Order

Both parties must agree to a consent order. The order is analyzed by a Court Registrar before it is created to ensure that it is fair and reasonable.

  • A Binding Financial Agreement

A binding financial agreement is signed by both parties but is not examined by a Court.

It is important to have your family lawyers in Melbourne regions or in other areas of Australia, draw up these documents soon after separation.

For more information on the property, settlement contact our Property Lawyers in Melbourne today.