Property Settlement Lawyers in Maroochydore serving Sunshine Coast
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At Shanahan Family Law we understand how much time and effort has gone into building and acquiring assets.
Divorce and property settlement can sometimes be complex and confronting. Our lawyers near me can reduce those barriers by making a detailed assessment of each party’s financial position, and the length of the relationship in terms of contributions both financial as well as non-financial contributions like parenting and homemaking.
By agreement
Separated couples are not required to go through court proceedings. In fact, the preferred course of action is for both parties to reach a mutual agreement on how their assets will be divided through a financial agreement.
Financial agreements
While a settlement can be organised through an informal agreement, this is highly inadvisable, as informal agreements have no legal standing, even if they are set down in a signed and dated written document. Without the force of the law, any disputes that arise in the future will be challenging to resolve. A binding financial, legal agreement, on the other hand, provides a legally enforceable written agreement that can effectively protect the interests of each party.
Consent orders
Consent orders are another option for creating legally binding financial orders. Either spouse can apply to the court to have the financial terms they have agreed on be formalised by law. A consent order works differently to a binding financial agreement.Â
A financial agreement doesn’t need to be equitable to both parties. Provided you sought independent legal advice, you are free to enter into even grossly unbalanced financial arrangements. In contrast, a consent order requires that the agreement satisfy the family law act’s ‘just and equitable’ test.Â
This requirement for a just and equitable outcome is established in court proceedings through a four-step process.
Time limits under the family law act
There are strict legal time limits on when asset divisions must be finalised, though parties can reach a settlement at any time before the relationship
Property settlement should be made within:
- 2 years after the dissolution of de facto relationships;
- 12 months after the finalisation of a divorce.
For divorcing couples, this means any contributions made to the shared asset pool between separation and the finalisation of a divorce order will be taken into account when dividing assets.
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