In family law matters, the law treats financial agreements made between all separated couples the same, regardless of marital status. We explore the purpose of financial agreements in family law, and importantly, how to make them legally binding.
When the issues in question are as important as your children, wellbeing, or home, it is important that you are at the forefront of the decision-making process. Mediation is one of several alternative dispute resolution processes in family law which can provide a forum for both parties to negotiate their options and reach an agreed resolution.
When couples separate, they usually need to divide up the property between them. This is known as property settlement in family law. Contrary to urban myth, there is no presumption at law that property will be distributed equally. That is, it’s not simply a 50:50 split.
Due to the complexities associated with drugs, alcohol and family violence in property settlement matters, there is no ‘one size fits all’ approach. Seeking experience legal advice will help protect your financial interests.
Many people do not think about superannuation when it comes to negotiating property settlement after separation. However, it is often a significant asset of a relationship and should be considered when dividing property.
Here, we explore the purpose and implications of formally recording your property settlement and the risks that may arise if you do not finalise all financial ties with your ex-partner.
Determining whether money or property received during a relationship is classified as a gift or a loan, can affect the outcome of any property settlement negotiations after separation.
Once Orders about property or spousal maintenance or adult child maintenance are made, referred to as Financial Orders, they are legally binding on both parties.