Property Settlement

When a couple separate, one of the most important issues is how any property and financial resources will be divided. The law regarding property settlements is the same (in most states and territories) whether you were formally married, in a de facto relationship or in a same-sex couple relationship. There is not necessarily an automatic right to have a property settlement. Our professional family lawyers can determine whether you have an entitlement to a property settlement in your family’s circumstances. Contact Bateys Law Firm today to find out what your legal rights are.

Division of property in South West Sydney

Both parties can agree between themselves how their assets are to be divided between them. Following on from your separation with your partner, a property settlement can then be completed. Once the parties have divorced, the property settlement must be finalised within 12 months of the date of divorce. If you have already been divorced for 12 months and have not finalised your property settlement, then our professional family law solicitors can assist you in determining the best way to finalise your property settlement as quickly as possible.

Parties must make a genuine effort to resolve the division of property outside of court using dispute resolution. Following this route is usually a lot less stressful and generally saves both parties time and money.

Where the parties can agree on the division of property, this is formalised by consent orders. For the consent orders to be binding, it must be sealed (approved) by the court. Ensuring that a consent order meets the formal legal requirements of the court and, if necessary, are enforceable, may require legal advice. As part of this process, the parties must provide full and frank financial disclosure through an application for consent orders. This is a court-approved form that is set out in a standard format (as required by the court). Consent orders can deal with the transfer or sale of property, splitting of superannuation, payment of money and spousal maintenance. Here at Bateys Law Firm, our solicitors can help you prepare these documents in order to obtain your consent orders. In many cases, we can offer you a fixed fee for this work.

Property division via the courts

Where parties cannot agree on the property settlement between themselves, it is then necessary to apply to the Court to have the property settlement determined. The application usually has to be made within 12 months of the divorce being made final or within 2 years of separation if you were in a de facto relationship. As part of the process, both parties need to provide full disclosure by way of financial statement. A financial statement must be presented in the standard format required by the court. Our lawyers can assist you with completing your Initiating Application and Financial Statement and preparing your matter for hearing at court.

Do I need to disclose all financial information?

Yes, it is crucial that you provide a full and frank disclosure of all your assets, liabilities and financial resources, including future resources such as an imminent inheritance. If you do not fully disclose your financial details, the Court can penalise you by making unfavourable orders.

What factors will determine the order?

There is no set formula that will be used to determine how the parties’ property will be divided between them. The Court will make its decision based on the evidence it has heard and the particular facts of the case. A number of factors will affect the Court’s decision, including:

• Whether there are any minor children of the relationship living with the party.
• If the party can support the children and themselves.
• What the party’s contributions to the assets of the relationship were. These contributions may have been monetary or non-monetary (such as parenting and homemaking).
• Whether there is a valid binding financial agreement (or ‘prenup’).

 

In order to determine and understand the likely split of assets, it is imperative that you take professional legal advice in relation to your particular circumstances. The court will review the proposed orders to ensure that they are fair and reasonable for all parties given the particular circumstances of the case.

Court orders and consent orders, Revesby

Court orders are determined by a judge after the court reviews evidence of the particular circumstances of that case. The court must ensure that the division of property is fair and reasonable in the circumstances considering the ability of each party to support themselves, the children and the overall effect of the proposed division of property. There are two types of court order:

1. Consent orders that are agreed between the parties and do not require any personal attendance at court. Where the parties can reach an agreement about the division of their property, this can then be formalised by the courts as a consent order. A lawyer should draft the consent orders to ensure that they comply with the legal requirements and that they are enforceable in the future if you require it. It is vital that full and frank financial disclosure is provided by each party. Once consent orders are sealed (approved) by the court they are binding on all parties and it is important to comply with the orders as there can be penalties for not doing so.
2. Judge imposed orders that occur after a defended hearing. These orders are imposed on you and you have little to no control over what the orders will be.

Contact our expert property settlement lawyers in Revesby, NSW today

At Bateys, we can offer you a relaxed environment in which our qualified solicitors can provide you with first-class legal advice in relation to property division after a separation. No matter how difficult your situation, our friendly and empathetic family lawyers can help guide you through every step of your case and leave you with confidence and peace of mind.

We know a relationships breakdown can be stressful, but our dedicated legal team will always take the time to get to know you and your legal situation. Contact Bateys Law on 02 4708 9507, or complete our online contact form for an initial consultation.