Dividing assets after a split How its possible to get it right the first time
With the hefty rate of separation in unions and de facto relationships more and more people are facing the chance of dividing their assets.
To a few of the people dividing their assets essentially means transferring money and property between one another for a hand-shake. However this doesnt satisfy the requirements of the Family Law Act 1975.
These ad hoc agreements do not finalise the money relationship between parties and may cause future court action and finance vulnerability for parties who incorrectly thought that they had a final deal property settlement.
Parties who can agree concerning how to divide their assets must always formalise their agreement and the easiest way to do this is through a Binding Financial Agreement or form 11 application consent orders. Not merely will they get the freedom to make financial decisions without the concern of future Family Court claims but there are also some taxation benefits that may be applicable to parties when finalising an agreement through the Family Court Orders.
It is always vital to make sure that the Orders which you and your previous partner ask the Family Court to make cover all relevant matters. Nonetheless the Family Court is not able to prepare these Orders for you or give you legal advice. As a result Orders manufactured by the Court at your request without the assistance of a Family Law expert may not actually do what you and your previous partner intended.
Getting independent legal help from a barrister who specialises in Family Law should always be step 1 before you consider lodging a consent application.’
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