Financial security is understandably a big concern for many people contemplating or going through separation.
All sorts of questions go through people’s heads – Who will keep the family home? Do we even need to do a financial settlement – the only asset is superannuation? Will my role as the primary carer of our children count for something? I do not want to separate – why should I lose everything I have worked so hard for? We have only been married for 18 months; will my ex get 50% of everything?
Whether you are married or in a de facto relationship, the Family Law Act sets out the considerations people should be mindful of when considering the division of the assets and liabilities of their separation including such things as real property, superannuation, and other tangible items such as cars, home contents, even family pets.
There are rules around what information each party is expected to provide to the other when needing to achieve a settlement. There are important time limits to keep in mind such as only having 12 months from the date a divorce has been finalised to file for a property settlement if you need a legally binding document. Importantly, there is a positive expectation on all parties to take genuine steps to resolve financial matters before applying to the Court to intervene, including attending at mediation if safe and appropriate to do so.
The approach set out by the Act aims to achieve a just and equitable solution and Courts will adhere to this approach if asked to intervene.
Phoenix Family Law encourages clients to achieve outcomes based not only on what the law may say but also on what is important to them moving forward. We take an interests based approach rather than just considering what your rights may be under the Family Law Act. This way, we can assist people to resolve their matters collaboratively with outcomes drafted into Consent Orders, Binding Financial Agreements or non-binding agreements that better suit the needs of everyone involved.
We invite you to contact Phoenix Family Law to discuss the various options and solutions that may be best suited to your property settlement goals moving forward.