Family Lawyers in Melbourne

© Copyright 2016 – 2017   |   Family Lawyers in Melbourne   |   All Rights Reserved

8:00 - 19:00

Our Opening Hours Mon. – Fri.

(+613) 9005 7200

Call Us For Free Consultation

Menu

 

FINANCIAL AND PROPERTY MATTERS

FIND EXPERTS IN FAMILY LAW

Family Lawyers for Financial and Property Matters

 

Huge differences may arise between estranged couple while settling property and financial arrangements, since the stability of both of their lives depend on it; it is very crucial that none of the parties feel cheated.

 

Generally, the debate of sharing property and finances include,

 

  • Family home: Whether you want to live in it or want to sell it, family home figures out to be the most important settlement.
  • Investments – real estates and shareholdings – With proper tax payables, the investments can be shared with deliberation.
  • Any legal entity – partnership enterprise, trust, individual enterprise: The property & financial lawyer can help you figure out the best option; whether walk out of the enterprise and stay protected from any future liabilities and disputes or own the enterprise with undisputable set of rules and responsibilities.
  • Superannuation: Self-Managed Superannuation Funds are quite common in recent times. It is either shared between both the partners or one partner can compromise on superannuation amount and take more of properties.
  • Bank Balance
  • Furniture
  • Motor Vehicles
  • Antiques
  • Insurance policies

 

The liabilities that come along the property settlements are:

 

  • Personal Loans
  • Mortgages
  • Credit card debts
  • Tax liabilities
  • Bank overdrafts

 

 

 

There are no arbitrary rules to settle the property and financial matters. Australian Family Law of 1975 has given the guidelines on how property matters should be settled between the parties by considering various aspects like:

 

  • Direct financial Contribution made by partners like income contribution, asset contribution etc.
  • Indirect non-financial Contribution made by the partners like taking care of home and children, taking care of family property etc.
  • Indirect financial contribution like inheritance, gifts etc.
  • Earning capacity of the partners
  • Imminent future requirements like medical condition, child custody and support
  • Current valuation of properties, business entities and their liabilities

 

Melbourne Family lawyers, skilled in property and financial settlements can help you negotiate with your partner or their lawyer and draft the settlement agreement and follow it through the implementation. Taking the settlement issue to the Federal or Family court is not necessary unless the other partner is not ready to negotiate, being unreasonable or intends to cheat by disposing off the property without your knowledge.

 

Some may choose to bypass the legality of property settlement all together and settle informally beyond the scope of Family Law and Court Order. However, such arrangements don’t hold good legally and are not binding on either of the parties unless a Financial Agreement is prepared in the lines of Family Law Act or approved by the Family Court.

 

IF you can settle the property and financial matters yourself, your Family Lawyer can draft Application for Consent Ordersto be presented in Family Court for approval, which does not need any party’s personal presence in the court. The court satisfies itself that the terms of settlement are equitable and the application is properly drafted, passes the Consent Orders. Such Consent Orders are legally binding on all the parties.

Disclosure:

 

Full and Frank Disclosure is mandatory if any of the partners are involved in any case about the property.

Pre-Action Procedures:

 

Legal proceedings in the court room are not always desirable as they mount up your expenses and are time consuming. Hence, the Family Court requires you to take Pre Action Procedures meaning steps to take the help of mediation and settle the property and financial matters out of court. Only in case it is necessary, the judge can be applied for the judgment.

 

Both the partners should transparently deal with each other while settling the financial issues:

 

  • Provide each other with declaration documents,
  • Making settlement offer out of court
  • Be willing to negotiate with the mediators and the spouse.
  • Keep the other partner informed about what order they are looking forward from the court.

 

Maintenance: A spouse is entitled to pay the other spouse if he/she is not capable to support himself/ herself. Either it is paid in lump sum once or periodically. A person is liable to maintenance after separation / divorce from a married partner / separated in de facto relationship post 1 March 2009.

 

You can seek property settlement and/ or maintenance from your ex-partner within a year after finalization of divorce or within 2 years from the date your de facto relationship ended.