Trusted local family law lawyers in Parramatta, Sydney. Experts in property settlement.
A rather significant and common area of tension in family law is the division of financial assets. To ensure the protection of assets, it is important to seek legal advice from a family property lawyer.
Can I apply for a property settlement?
An application to the Court for property settlement must be made within 12 months from the date of divorce. This applies to married couples and the time limitations can only be extended if there is consent from the other party or permission has been obtained from the Court.
For defacto couples, you must commence property proceedings and make an application to the Court within 2 years from the date of the breakdown of the defacto relationship. If there is no consent to extend the time then you must obtain permission from the Court.
How can I finalise property in my marriage settlement or defacto settlement?
The Family Law Act recognises final property settlement either by way of:
- Consent Orders;
- Binding Financial Agreement.
The difference is that a Consent Order is approved by the Court whereas a Binding Financial Agreement (also known as a Prenuptial Agreement) is not.
Once your property settlement in a marriage or defacto relationship is recorded by way of Consent Orders or a Binding Financial Agreement, the agreement becomes final and can only be discharged, set aside or varied in exceptional circumstances.
Is my superannuation or my partner’s superannuation included?
Contrary to public belief, superannuation is considered by the Court as property available for distribution between separating parties.
The Court can make Orders concerning the parties’ superannuation interests. For example, the Court may order that as part of the property settlement a party may receive a portion of the ex-partner’s superannuation. This can be a percentage of the fund or a dollar amount.
The Trustee of the Superannuation Fund will need to be notified of and will need to approve any agreement reached by the parties. That approval by the Trustee must be given before the agreement is signed and or submitted to the Court.
How do I know what I am entitled to?
The five essential steps which the Court embarks on to determine your entitlements are as follows:
- Determine whether an Order should be made;
- Identify and value all of your assets, financial resources and liabilities;
- Identify and assess the contributions that you and your partner have made;
- Identify and assess your future needs;
- Determine an Order which is fair in the circumstances of your case.
Complex factors sometimes need to be considered. These include the interplay of:
- Any companies
- Trusts
- Inheritances
- Compensation payouts
- Lottery winnings to be received by either spouse.
As such, consulting a divorce lawyer from Matthews Folbigg Lawyers is essential.
How can we help you?
Reaching a property settlement can be complex and stressful.
Matthews Folbigg divorce lawyers specialise in property settlements for both married and de facto couples.
We have a team of solicitors including accredited specialists in family law who may provide succinct legal advice to you in a cost efficient manner.
We also provide divorce advice.
Contact us today for help
We serve all of the legal needs of individuals, government and businesses, regardless of their complexity, throughout all of Sydney and beyond.
We are industry leaders, and we never lose sight of the outcome that you want. We guide you through the legal process to achieve that outcome.
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