Defacto Relationships and Financial Settlement
In a de facto relationship, do I need a financial settlement after separation?
Following the break up of a de facto relationship, there may be outstanding financial issues to be resolved. Reasons for which it may be necessary to have a financial settlement include:-
- The couple has purchased property together or combined their financial dealings throughout the relationship. It may be necessary to formally sever the financial relationship so both parties can move on independently.
- One party may have made significant indirect or non-financial contributions (including the raising of children or management of a household) for which they may be entitled to orders in their favour;
- If a settlement involves a transfer of property, a formal agreement or orders may be necessary to avoid a duty liability that would otherwise apply to the transfer.
Even if it is not desirable to transfer any assets or pay any monies following separation, you may wish to settle financial matters to avoid the risk of your former partner making an application to the court later. This can help avoid any uncertainty, as your former partner will have as long as two years after separation to apply for property orders (applications outside of this time can only occur with the leave of the Court).
Family law with respect to De facto relationships is complex and needs the assistance of an experienced family lawyer. Call LAC Lawyers today on 1300 799 888.
