Financial Settlement after defacto separation
Where the parties agree how their property is to be dealt with following the break up of the de facto relationship, there are two ways in which this agreement can be formalised:-
By Consent Order. This is where an application is made to the Family Court for them to approve the terms of an agreement reached between the parties. The Court will need to be satisfied the agreement is fair and equitable.
By Binding Financial Agreement. This is a document prepared by solicitors setting out the terms of agreement. It is required to comply with certain statutory formalities, and non-compliant agreements will be invalid and unenforceable. While the terms do not need to be approved by the Court, both parties will need to obtain a Certificate of Independent Legal Advice.
LAC Lawyers can advise as to which method of settlement is best suited to your individual circumstances.
Regardless of the format of agreement, financial disclosure will be an important part of the process, even if the terms of settlement are agreed. One of the rare situations where Consent Orders or a Binding Financial Agreement can be set aside later is if it induced by fraud. A deliberate misrepresentation or omission in your financial disclosure may give your former partner grounds to strike out or vary any orders or agreement.
Financial Settlement after defacto separation Articles
Family Law – What can I do if my partner has given away or transferred property during the relationship, separation or divorce?
Date: November 29, 2011
Author(s): Patrick Mulligan B.A., LL.B.
The purpose of this article is to explain the court’s power to set aside transfers of property and transactions by a party to a relationship. This power is available to the court pursuant to s106B of the Family Law Act 1975. A claimant may apply to the court for an order under this section where a proposed or actual transaction or disposition of property by a party will have the effect or likely effect of defeating property and maintenance related orders under the Family Law Act 1975.
Family Law - Hidden Assets: How can the law protect you?
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
Obtaining a property settlement due to divorce can be a very complicated procedure which often causes great angst and stress amongst all parties involved. Our Family Law Solicitors understand that as a result, people are often led to hiding their assets, in order to ensure that their former partner does not receive a just and equitable amount. However, this is a breach of their statutory obligations to make a full and frank and disclosure and our Family Law Solicitors will ensure that all information are brought to the table by your former spouse.
Family Law - Property Financial Statements
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
In financial cases, parties are required to file a financial statement with their initiating application. A financial statement contains a detailed summary of an individual's financial condition. The parties must also file an amended financial statement later in the proceedings if their circumstances change.
Family Law - Property Settlement Proceedings
Date: November 08, 2011
Author(s): Angelita Manlangit LL.B.
The parties to the marriage are under a legal obligation, under the Family Law Rules, to try and resolve and differences between them by way of an alternative dispute resolution (ADR). ADRs may include negotiation, family counseling, conciliation or arbitration. In the event that ADR is unsuccessful, try writing to the other party, setting out your claim and perhaps making proposals for settlement.