Family Law – Property Division

You must settle any financial issues if you have already separated or are planning to do so.
Sometimes the divorce or separation is amicable, and the parties immediately come to an agreement on how to divide the assets. Due to the complexity of these issues, the parties frequently are unable to come to an agreement, and most will seek legal counsel when unsure of their position.

Calculating the asset pool is complicated in in of itself, and you might not know what you are entitled to or think the split is unfair. In any case, getting the best outcome and what you are entitled to requires seeking the appropriate legal counsel from a qualified property settlement attorney.

What if you agree on your family property settlement between yourselves?

It is typical for parties to either sign into a legally binding financial arrangement or get consent orders if they can agree on how to divide their family’s assets.
Doing nothing could leave both ex-partners vulnerable to a future claim from the other. This can be particularly problematic if one party reduces the asset pool’s assets or increases its debt load. Therefore, it is best to handle the financial difficulties very away after a divorce.

What is a Binding Financial Agreement?
A binding financial agreement, BFA, is an agreement which covers the division of property, superannuation and if required, spousal maintenance. A binding financial agreement is an agreement which covers the division of property, superannuation and if required, spousal maintenance. This can be a very cost effective and time effective method of formalising how the parties divide the assets. Consent orders require a more detailed assessment of the assets and debts and the future needs and financial circumstances of the separating couple. As a general rule, they have a higher degree of enforceability.
In any case, if you have been in a de-facto relationship at the time of separation, you need to address these matters within two years of separation. If you have been married, you must do so within 12 months after your divorce. BFAs require independent legal advice for each party for it to be legally binding.