At McVittie Legal, we understand how difficult and emotional it is going through separation. Our experienced team in the Northern Rivers is here to help you navigate the complicated and stressful process of property and asset distribution. We are dedicated to negotiating the best possible outcome for you because we care deeply about all our clients.
As soon as you have separated from your partner, there are several complicated financial matters you must organise to formally divide your property and assets. For de facto relationships, you must apply for property settlement within two years of separation. Married couples don’t need to wait for their divorce to be finalised to apply for property settlement, but they must apply within one year of their divorce.
Under Australian law, there are three legally binding ways to divide your assets which are consent orders, binding financial agreement, or applying to the court for a financial order.
Consent orders are legally binding agreements that have been formalised by the Family Court. It is a written document that clearly outlines the agreement between you and your ex-partner. The purpose of a consent order is to prevent your ex-partner from changing their mind, or asking for more assets in the future. It is often considered the easiest way to separate assets as it ensures a fair division based on the history of the relationship, and the future needs of both parties. A consent order can also provide exemptions from stamp duty if any properties are sold or transferred.
Binding Financial Agreement
A binding financial agreement can be made between couples who are separated, divorced, soon to be married or currently married. It is more commonly referred to as a prenuptial agreement, which sets out how properties and assets will be divided when you and your partner separate. By entering into this agreement, both parties will no longer be able to ask the court to decide on the division of their assets after separation. You can trust our experienced solicitors at McVittie Legal to provide expert legal advice before the agreement is finalised.
At McVittie Legal, we strive to achieve a reasonable resolution through negotiation, but we understand that sometimes litigation is unavoidable. When an agreement cannot be reached, you must apply to the court for a financial order, and the court will try to decide on a fair division of assets. The court will consider aspects such as:
Superannuation is considered a different type of property, and allows separating couples to value and split their superannuation payments if they wish. You must receive independent legal advice, and our team at McVittie Legal will help you reach an agreement. Alternatively, if an agreement could not be reached you may seek a court order to split superannuation.
For experienced property settlement lawyers in the Northern Rivers, call McVittie Legal today.