Our Legal Services in Logan, QLD

Settling your financial affairs

If you are married, you do not have to wait until you are divorced to divide your property and facto couples are also eligible for property settlements under family law legislation. Note however, the following time limits:

• for de facto partners, any court proceedings for a property settlement must be commenced within two years of separation;
• after a divorce is finalised, there is a twelve-month limitation period within which to bring proceedings for a property settlement or spousal maintenance.

Most family law property settlements are finalised out of court with the assistance of the parties’ legal representatives. If you and your ex-partner have agreed on how things should be divided between you, negotiations can be finalised through a financial agreement or consent orders.

A financial agreement (known also as a binding financial agreement) is a written contract between the parties that formalises the division of their property without intervention of the court. This document can be entered into at the beginning, during or at the end of a relationship. You may have heard these documents being referred to as “Prenup” at the beginning of relationships. Generally, when a relationship is in the early stages, it’s all roses so to speak. However, if one person has significant assets then it may be worth looking to protect those assets from the beginning of the relationship. This can save stress and legal costs if the relationship breaks down. To be valid, the agreement must comply with certain formal requirements and both parties must receive independent legal advice before signing the agreement.

Consent orders are filed with the court and are generally considered a more formal approach to finalise your property affairs. The parties must make full disclosure in their application and, if the court believes the proposed orders are just and equitable, they will be granted and made legally binding. You do not need to attend court however it is important to receive legal advice before agreeing to consent orders.

Property matters

When determining property matters the court will consider and weigh a range of factors. The steps involve an assessment of:

• the property pool – the parties’ assets, liabilities, and financial resources
• the parties’ respective direct and indirect financial contributions
• the parties’ non-financial contributions to the relationship
• the parties’ future needs, considering their relative earning capacities, state of health, education, and responsibilities as primary carer of any children
• a just and equitable outcome when considering all the circumstances

If you need assistance, contact one of our lawyers at [email protected] or call (07) 3372 2232 for a no-obligation discussion and for expert legal advice.