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.
There are a number of reasons to do that. An obvious one is that finalising property division will help put you in a place where you can plan for yourself financially. More importantly, dividing property is one element that will help you to get on with life!
However, a very important reason for dividing property as early as you can is that until you do that, with the benefit of first obtaining a court order or entering into a binding financial agreement, 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.
If you want to go to sleep at night though knowing that there is no real risk of a future claim by your former partner for property settlement, then you will need to obtain a court order dividing property on a final basis or enter into a binding financial agreement that complies with the requirements of the Family Law Act 1975 (Cth).
If you and your former partner can agree the division of property, then you can apply to the Family Court of Australia for issue of a consent order. That kind of order dividing property is issued through the Registry without your ever having to see the inside of a court.
If you can’t reach agreement, consider attending a mediation. 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.
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 is that the assets and liabilities that are divided 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 and our family lawyers Brisbane Northside 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.