Property Settlement

In order to determine an appropriate division of assets after separation, we first assist by determining what the asset pool entails.  We prepare a concise and accurate list of all assets owned, and their values, in each parties’ name individually or jointly.  

This can include many things such as a house, other real estate, cars, caravan, boat, shares, business, livestock, tools, furniture, superannuation.  Likewise, we also do the same for all debts which include; mortgage, personal loans, credit cards, private loans etc.

Sometimes, the value of assets can not be agreed to.  In those situations, we employ the services of an expert valuer, such as with real estate, we utilise the expertise of a Sworn Valuer and have them prepare a report.

Some assets can be quite tricky to determine their value.  In particular, businesses may need to be valued by a forensic accountant.  That business value needs to take into account stock, plant and equipment, debts and goodwill. 

If parties can agree on the division of their assets, then the Family Law Act states that only way that their agreement can be binding is if they have Consent Orders or a Binding Financial Agreement.  

Obtaining Consent Orders, means we prepare an Application for Consent Orders form, which sets out in full detail all assets and liabilities of each party. We also give other relevant information, including what contributions each party made, what future needs factors are relevant, and what assets have been acquired or disposed of since separation.  

We then prepare Consent Orders, which become the Court Orders, and it sets out what each person has to do, including what payments need to be made, or transfers, and by what date.

Once Consent Orders have been signed by both parties, and their solicitors, if they have one, they are filed with the Federal Circuit and Family Court of Australia.  The Orders are considered by a Registrar as to whether they are just and equitable in the circumstances. If approved, they are sealed by the Court, and then become binding. 

Alternatively, we can prepare a Binding Financial Agreement. Similarly, it involves full details regarding assets, debts, and other relevant circumstances. It does not get sent to the Court for approval. However, to be valid, each party must seek independent legal advice, and each lawyer needs to sign a certificate evidencing that they have given their client advice in regards to the advantages and disadvantages of signing the BFA.