We Strive To Help You Create Your Fair Property Settlements
When a relationship ends, working out how best to divide assets owned jointly can be a painful business. The experienced, compassionate legal team from Anumis Legal can help. We assist our clients with all aspects of property settlement.
Parties to a separation have the option to divide their assets by way of a Binding Financial Agreement (BFA) or Consent Orders. The latter can be agreed between the parties without recourse to legal assistance and is the approved and enforceable, if need be, by the courts.
A BFA is a legally binding contract drawn up between the two parties. Both parties must have legal advice on the terms of the BFA for it to be binding.
How We Can Help With Your Property Settlement
We can provide the legal support you need to successfully achieve a property settlement, regardless of the scale of the assets involved. Our aim is always to achieve a fair, fast outcome.
Your Legal Champions, Ready to Fight
When tough decisions need robust legal backing, Anumis Legal steps up to the challenge. We combine assertive legal strategies with compassionate client care, ensuring you feel supported while aggressively pursuing your interests in any forum, from negotiation tables to courtrooms
How Is Your Share of your Assets Determined?
Deciding who gets what is usually determined using a standard formula. This is based on the following four steps:
- Identifying everything that’s in the joint asset pool. This will include not only property, land and financial assets (savings or investments), but also vehicles, heirlooms, artworks or other items of value. Liabilities such as joint loans or a mortgage also need to be deducted from the value of the joint pot.
- Deciding how the pool should be divided by considering what each party has contributed.
- Adjusting the division to take account of future earning potential and financial needs.
- Determining whether the proposed division of resources is reasonable and fair.
What Happens If You Agree On Your Property Settlement?
If the two parties involved can agree on a property settlement, the next step is for the settlement to be incorporated into the correct official wording for consent orders or BFA.
In the case of consent orders, the order will be agreed upon by the court. It is then legally binding. For a BFA, both parties will need to sign the contract, which will then be legally binding. Once the settlement has legal status, it is difficult to challenge it.
What Happens If You Can’t Agree On Your Property Settlement?
If an agreement can’t be reached through negotiation, it may be possible to progress using Family Mediation. Mediation is carried out by a trained professional and can sometimes result in an agreement, even if both parties have disparate views.
If mediation or a conciliation conference is not successful or cannot be undertaken then your property settlement will be decided by a judge, after they have heard submission from both parties. A settlement that has to go to court is likely to require greater legal input and therefore cost more, which is why settlement out of court is more preferable in many cases.
What Assets Are Considered In Property Settlements?
We can provide the legal support you need to successfully achieve a property settlement, regardless of the scale of the assets involved. Our aim is always to achieve a fair, fast outcome.
For Your Complimentary Chat
Book an appointment so that we can advise you on your options regarding your Family Law needs, call Dr John on 07 5455 6347 to book your complimentary chat, now.
Should You Opt For Consent Orders Or a Binding Financial Agreement?
Both forms of property settlement have their unique advantages and disadvantages. Consent orders tend to take longer than a BFA, as court consent is needed for consent orders to be used, as well as approval given for the consent orders once they have been completed. Consent orders will only be approved if they are “just and equitable”.
BFAs are only legally binding if both parties have had legal assistance and commentary on the proposed property settlement. If it’s subsequently discovered that one party hasn’t had appropriate legal counsel, the BFA may be unenforceable. They do tend to be quicker to finalise than consent orders, as there’s no need to wait for a court date.
If you’d like to learn more about these two options, check out our Binding Financial Agreement and Consent Orders pages.
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