Upon the end of a marriage or de facto relationship, it is often necessary for the former couple to pay their debts and divide their remaining assets. Often this is something that solicitors can assist with because the parties themselves do not know their legal obligations or entitlements.
Generally, parties benefit from being able to negotiate a settlement with the other party without the need for Court proceedings. Reaching an agreement by negotiation can save time and money, plus reduce the stress of the parties – and such agreements can be made legally binding by way of Court Orders made by consent, or otherwise by way of a legally Binding Financial Agreement (BFA).
However it is very important to note that time limits apply for applying to the Court for property Orders if an agreement cannot be reached by negotiation – so it is important to get property settlement legal advice and representation as soon as possible after the end of a de facto relationship or marriage.
The work solicitors can do for the parties who seek to negotiate their settlements includes assisting the parties to:
- Identify the net property pool to be divided;
- Quantify the parties respective contributions to the accumulation and preservation of the asset and liabilities of the relationship;
- Identify and quantify the parties’ respective current and future financial needs;
- Identify and quantify what, if any, spousal maintenance should be paid by one party to the other to assist them with their reasonable day to day living expenses;
- Ensure that appropriate child support is being paid for the care of minor children; and
- Drafting the relevant Court documents, Binding Financial Agreement (BFA) and/or Child Support Agreement.
At Sanicki Lawyers, we are happy to assist our clients reach a negotiated settlement regarding property matters wherever possible.
If you require assistance to negotiate and finalise a legally binding property settlement, including where appropriate, spousal maintenance and child support – the family law team at Sanicki Lawyers can help you.
Please note that time limits apply to bringing Court Applications if the parties cannot agree to their property settlement, so don’t delay – obtain legal advice today.
Feel free to contact Stephanie Hope, Senior Associate and Head of Family Law at Sanicki Lawyers at firstname.lastname@example.org .au or call on 03 95109888 to book a confidential advice session.