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How that new engagement ring might affect your relationship with your former partner | Property Settlement Advice

The family court has said that after separating, “parties are entitled to… properly [get] on with their lives.” So, for those people who have separated, and are ready to take the next step with their new partner – fear not! The law is on your side.

If you’re ready to buy that engagement ring for your new partner, or if you are the new partner, the first thing to ensure is that the ring is not being purchased from funds which existed at or prior to the separation of the partner from his former partner. You should ensure that funds being used to buy the ring were acquired entirely post-separation.

Property Settlement Advice

Property Settlement Advice Brisbane

If, for example, after you have separated from your former partner, you sell the car you acquired while you were with your former partner, and then use that money to buy the engagement ring for your new partner, this would constitute a “premature distribution” of matrimonial assets on your part.

This doesn’t mean that you have to give the ring to your former partner; it just means that the Court will consider that you have therefore had the “benefit” of that matrimonial money and an adjustment may as a consequence possibly be made in favour of your former partner out of the net assets that are available for distribution between you.

That’s not to say that every time you spend money that was acquired during the relationship with your former partner, you have to effectively account for it in your property settlement with your former partner.  Parties are able to use funds acquired during a former relationship for day to day living expenses post-separation where needed. However, the purchasing of an item such as an engagement ring for a new partner, would not be considered such a “day to day expense”.

In family law proceedings, so far as practicable, the Court has a duty to end the financial relationship between the parties to a marriage or a de facto relationship. The court must also ensure that it does not “alter the property rights of the parties, unless justice requires it to do so”.

This means that if you buy an engagement ring on a credit card and pay off that credit card debt from funds that you obtained entirely post separation, be that on your own or with the assistance of your new partner, you can expect that the engagement ring, or its value, would not be treated as part of the property pool available for division between you and your former partner. However, where assets are required by a party from post-separation income, they may be considered in the property settlement with the former partner in so far as those assets are available to the party.

If you have any questions on how to move forward financially with your new partner, when you have not yet finally settled your financial relationship with your former partner, call our family law team on (07) – 3506 3651. We can offer you experienced property settlement advice.

Property Settlement Brisbane

How long does it take to obtain a property settlement? Find out from the Property Settlement Brisbane Lawyers.

Considering obtaining a property settlement? Wondering how long it will take? Find out from the Property Settlement Brisbane Lawyers. 

Property Settlement Brisbane

Property Settlement Brisbane Lawyers

There is no precise answer to this question as the time it takes will depend upon a number of factors, including how willing you and your former partner are to negotiate a settlement and how long it takes for parties to provide the necessary information as well as financial documents that each party must give the other party.

If you and your former partner have already agreed how the property pool will be divided and can quickly provide the required information and documents, we find that it generally takes from 3-6 months to finalise a property settlement.

If no agreement can be reached and it becomes necessary to bring an Application for property settlement before the Court, the time involved will likely be considerably longer. This is so unless a final settlement is agreed soon after the action is started. You should bear in mind that you and your former partner may still reach an agreement and finally settle property, bringing any legal action to an end.

To find out more about property settlement Brisbane, click here. We have a range of useful blogs and resources to help you learn more about the property settlement process, and to help you choose what solution will work best for you. Or, if you would like some personalised advice, you can give us a call today to receive a free 15 minute consultation. We can give you the guidance and support you need to start your journey forward.

Brisbane Family Lawyers

What is Property? Find out from the Brisbane Family Lawyers.

There are a number of terms thrown around in family law, that can often leave you feeling puzzled. Even words commonly used in everyday language like “property”, take on a very specific meaning when being referred to in a legal matter. As part of our unique services as Brisbane Family Lawyers, we ensure that our clients are fully-informed from the start. Any questions or matters that impact them will be made transparent, so that you, as the client, can make comprehensive choices about your family law matter and how it is dealt with.

A common term that comes up in family law is, “property”. As property settlements often form part of a family law matter, it’s good to be aware of what the term entails.

Brisbane Family Lawyers

Brisbane Family Lawyers

 

What is ‘property’?

The property that is taken into account in a property settlement is basically all of the assets which either or both of you and your former partner own or control.
This will include real property (including the matrimonial home which you and/or your former partner own or control); interests in companies and businesses and their assets;share and investment portfolios; superannuation; bank account balances; time shares; vehicles; bikes; boats and furniture and chattels such as fine art; jewellery and antiques. The property pool may also include any interest or entitlement that you or your former partner may have in any trust.

If you’re interested to learn more about property settlement, read more here.

Our Brisbane Family Lawyers specialise in a number of areas. From divorce, to child custody, to de facto relationships. No matter your question or situation in family law, we can help. Give our Brisbane Family Lawyers a call today on (07) 3506 3651 and receive a free 15 minute consultation to start your journey forward.

Consent orders

What are Consent Orders?

You might have heard of consent orders before, or this could be your first time. No matter how little or much you know, it’s good to have an idea of what they do and how they could benefit your situation.

Consent orders

Consent orders: What are they?

There are a lot of different orders that can be drawn up before a marriage, during a marriage and after a marriage concerning the settlement of property and other assets. Consent orders fall into the last category concerning property orders. So, it will affect you and your former partner, should you choose to go through this process.

What are consent orders?

Consent Orders are Orders issued by the Court that both parties to a relationship have agreed. An Application for Consent Orders signed by both parties is made to the Court. It is not necessary that parties actually attend Court. The Application including the proposed form of the Orders are reviewed by a Court Registrar and the Orders are issued by the Court if the Registrar is satisfied that the proposed settlement is just and equitable.

Whilst you may prepare your own Application for Consent Orders and the Orders that you are seeking to accompany the Application, it is advisable that you seek legal advice to ensure that the documents are appropriately drafted and that the Orders that you are seeking address all necessary issues and provide, in the case of property Orders, for a division of property that the Court is likely to approve.

To find out more about our services or what to do following a separation, click here. Or, you can get in touch with us today. It is better that you obtain legal advice early on to know where you stand and avoid pitfalls. We will be happy to give you some complimentary advice over the phone or book a fixed rate initial consultation

Family Law Act

De Facto Relationships and bringing a claim under the Family Law Act 1975

Are you in a de facto relationship? Are you wanting to know what your rights are and how you can bring a claim under the Family Law Act? Find out here.

Family Law Act

De Facto relationships and the Family Law Act

If you are or have been in a de facto relationship (whether heterosexual or same sex) and separate after 1 March 2009, you will generally have the same rights and responsibilities in Australia as married couples under the Family Law Act 1975 and before the Family Court.

For claims under the Family Law Act 1975, a couple must have been in a de facto relationship living together on a genuine domestic basis for at least 2 years. That 2 year requirement will not apply though if there is a child of the de facto relationship; the party making a claim made substantial contributions to the relationship and serious injustice would be caused if Orders were not or the relationship is or was registered under certain State law.

There are also some residency requirements for claims under the Family Law Act 1975. Parties to the de facto relationship must have been ordinarily resident in any Australian State (other than Western Australia and South Australia) when the relationship broke down or alternatively:

  • either or both parties must have been ordinarily resident in any of those States when an Application for Orders of the Court was made; and
  • both of the parties must have been ordinarily resident in any of those States during at least a third of the relationship or the Applicant for the Orders must have made substantial contributions, of a kind specified in the legislation, in relation to the de facto relationship in one or more of those States.

If you do not qualify to have your property matter heard in the Family Courts, you may qualify to be heard in Queensland under the Property Law Act 1974 or in other States under equivalent legislation.

For more information on de facto relationships and your rights, click here. Or, give our experienced legal team a call today to get tailored legal advice.