A guide to property and financial settlements

Getting legal advice regarding your property settlement

You may want to know you can protect your assets or ensure you receive your fair share of the assets of the relationship.

Many separated couples reach an agreement through negotiation, but it’s still important to get legal advice to understand the process and ensure the agreement is fair. Our property settlement lawyers in Townsville provide an initial consultation, which will help you protect your entitlements.

You can start the process any time after your separation. If you cannot agree, there are strict deadlines for filing court proceedings for property settlements. You have 12 months after divorce or, two years after separating in a de facto relationship.

Our family lawyers in Townsville can help you secure your financial future. Our team can assist you in making informed, legally binding decisions about your property matters. Whether you’re ready to settle or need to go to court, our experienced family lawyers will help.

The negotiation process

The negotiation process starts as a fact-finding mission of sorts.

Your lawyer will ask for details about your assets, your ex-partner’s assets, and your overall financial situation. They will also want to know your future financial plans.

Your lawyer will also need detailed information about your relationship. Before moving forward, it is important to get official valuations for assets like the family home. At this stage you and your ex-partner exchange documents regarding assets and your financial circumstances generally.

All parties have a legal obligation to disclose all information relevant to an issue in the case and to share this information with all parties.

Sharing all information early in negotiations can make the process easier, faster, and less expensive. It may seem like giving away secrets, but being open and honest can lead to better outcomes.

Formalising an agreement

When you reach an agreement with your former partner, it must be formalised with an application for consent orders. A consent order is a simple document filed with the court that finalises the agreement and makes it binding and enforceable.

In some circumstances, an agreement can be formalised in a contract known as a binding financial agreement. Once an agreement is formalised, there are only very limited circumstances in which that agreement can be set aside.

Your lawyer can help you decide which option is best for you. Whatever agreement you reach must be formalised to protect your position in the future.

A binding financial agreement may not be right for everyone. Getting legal advice before making this kind of agreement is critical. Your lawyer can help ensure that the agreement is fair and reasonable and meets the requirements of the Family Law Act.

If you and your ex-partner are unable to reach an agreement regarding property settlement, your next step is to file a court application. You can start the application process at any time up until 12 months after your divorce or two years after separation if you were in a de facto relationship.

Many applications are settled without a family court hearing. However, if you can’t settle, a judge will make the final decision regarding the settlement, taking into account:

• the financial contributions of each of the parties to the assets and liabilities of the relationship
• the non-financial contributions of each of the parties
• the contribution of each of the parties in the role of homemaker and/or parent
• the parties’ future needs, including the need to provide for children, and the capacity of each party to provide for themselves and any children.

Talk to our Townsville divorce lawyers regarding your family law matter to ensure you reach the best outcome for you and your family.