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.
Contact our Family Lawyers today on 07 5455 6347 or contact us online today to schedule your FREE, no obligation, initial consultation today!
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.
Legal counsel on the options open to you
Discussion of the pros and cons of consent orders or BFA
Assistance in negotiating a suitable property division
Completion of the relevant paperwork for consent orders or BFA
Assistance with access and residency arrangements if they are to form part of consent orders
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.
Do you need assistance with your property settlement? Accessing appropriate legal support early on in the process often provides the best chance of getting the outcome you’re looking for. Call Anumis Legal for an appointment now on 07 5455 6347.
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?
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.
Call the Anumis Legal Family Law Dream Team for your complementary chat now
Anumis Legal’s team can provide legal assistance at each and every stage of your property settlement.
As specialists in family law, we can also advise on parenting agreements, spousal maintenance, residence and any other matters that will require resolution. Compassionate, supportive and non-judgemental, we aim to make the property settlement process as straightforward and stress-free as we can.
Call Nadine Love or Dr John Cronin on 07 5455 6347 or email admin@anumis.com.au to book your appointment now.
Dr John Cronin
Dr John Cronin holds a Master’s Degree in Business Management, a PHD in socially responsible investment, and is pursuing a further PHD in superannuation law. In his earlier engineering career, he led numerous large-scale equipment design and infrastructure development projects. A former financial and investment advisor, Dr John has a wealth of experience across banking, finance, and investment.
Nadine Love
Nadine Love holds a Master’s Degree in Dramatherapy. In her earlier career as an author, mentor and trainer through her books, products, and coaching services she assisted people to transform their personal and professional lives to find confidence, clarity, success, and wellbeing. Nadine was awarded the 2020 NSW Bar Association Prize for Civil Litigation and Evidence.
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