Dividing Property on Separation
Dividing Property on Separation
Dividing property on separation is an important step for you to take. It is also something that, generally speaking, you should finalise as soon as possible.
Until you obtain a legally binding settlement dividing property, your former partner may continue to have a claim in your property. The extent of that claim, especially regards any assets you acquire following separation, is going to depend upon a number of factors.
Finalise your property division so that you can plan for yourself financially and get on with life!
A Guide to Dividing Property on Separation
Until you obtain a legally binding settlement dividing property, your former partner may continue to have a claim in your property. The extent of that claim, especially regards any assets you acquire following separation, is going to depend upon a number of factors.
Obtain a legally binding property settlement and go to sleep at night knowing that there is no real risk of a future claim by your former partner. You can do this by obtaining a final property court order or a binding financial agreement that complies with the requirements of the Family Law Act 1975 (Cth).
You can apply to the Federal Circuit and Family Court of Australia for issue of a consent order. A final property consent order is issued through the Registry without your ever having to see the inside of a court.
If you can’t reach agreement, you should attend a mediation where that is possible and appropriate. Make sure that you comply with pre-action procedures that are set out in the Federal Circuit and Family Court of Australia (Family Law) Rules 2021. If that doesn’t result in agreement, then you may have to start an action in the family courts seeking final property orders for dividing property.
The pre-action procedures include providing your former partner with an offer for settlement which may lead to you obtaining a final order or binding financial agreement.
There is another important reason to obtain as soon as possible a legally binding property settlement by way of a court order (preferably for you, a consent order) or a binding financial agreement. Assets and liabilities that are considered in the division between you and your former partner are the assets and liabilities that exist at the time that you make the property settlement and not those that existed at the time of your separation.
Contact our family lawyers Brisbane for advice about any family law issue, whether to resolve property division with your former partner or parenting issues. Our experienced family lawyers can also assist you with domestic violence issues. We aim to assist you to reach agreement with your former partner without going to Court. If however court action is necessary, we are ready to represent you effectively at Court.
The information set out in this blog is not a substitute for legal advice. We recommend that you obtain advice tailored to your particular circumstances from LGM family lawyers Brisbane.
