How To Divide Assets After A Split How Its Possible To Get It Right The 1st Time
With the heavy rate of separation in unions and de facto relations, more and more folk are facing the possibility of dividing their assets.
To some people, dividing their assets simply means transferring cash and property between one another for a hand-shake. Nonetheless this doesnt satisfy the requirements of the Family Law Act 1975. These casual agreements do not finalize the financial relationship between parties and may result in future legal proceedings and financial weakness for parties who (wrongly) thought that they had a last deal property settlement.
Parties who can agree on how to divide their assets must formalize their agreement, and the easiest way to try this is via a Binding Finance Agreement or Application for Consent Orders. Not merely will they obtain the liberty to make financial choices without the concern of future Family Court claims, but there are some taxation benefits that may be applicable to parties when finalizing a contract through the Family Court Orders.
It is always critical to be certain that the Orders which you and your previous partner ask the Family Court to make cover all relevant matters. Nevertheless the Family Court cant prepare these Orders for you or offer you legal advice. As a result, Orders made by the Court at your request without the help of a Family Law expert may not essentially do what you and your previous partner intended.
Getting independent legal help from a barrister who specialist in Family Law should always be the first step before you consider lodging a consent application.
This is general information only, and does not constitute precise legal help. If youd like further information in relation to this matter contact the Family Law team at HHG Legal on (08) 9322 1966.’
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