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Property Settlement Agreement

The law encourages parties to negotiate and reach an amicable agreement as to the division of property following separation. If you have come to a Property Settlement Agreement with your former partner then you may wish to formalise this by entering into a binding property settlement agreement.

Sometimes parties come to an agreement without having properly considered the nature and effect of their agreement.

When negotiating a Property Settlement Agreement some things to keep in mind include the following:

  1. Property Settlement Agreements differ depending on your particular set of circumstances.
  2. A fair Property Settlement Agreement may depend on the length of your relationship or marriage and this is just one of the factors to be considered.
  3. There may need to be an adjustment for financial contributions made prior to the relationship by either party.
  4. There may need to be an adjustment for one of the parties’ future needs such as their age, health, ability to work and their earning capacity.
  5. There may need to be an adjustment in favour of the party who has the greater care percentage of any children under the age of 18 years.
  6. There may be additional adjustments required for any loans to the parties from one of the parties’ parents or family members. You may also need to consider the nature of any gifts from either parties’ parents or family members.
  7. There may need to be an adjustment for any inheritance received by a party and considerations need to be had for when the inheritance was contributed to the relationship
    i.e. before, during or after the relationship and/or marriage.
  8. You should consider any tax consequences such as capital gains tax and there may be a need for particular advice from your accountant or a financial planner.

It can be difficult to navigate and consider the matters above on your own and how they apply to you and your family. As such, it is important to get the right advice when negotiating a Property Settlement Agreement.  We recommend obtaining advice from an experienced and knowledgeable lawyer that specialises in Family Law matters. [...]  READ MORE →

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The Changing Stigma Associated with Signing a Prenuptial Agreement

The idea of a binding financial agreement, commonly known as a prenuptial agreement has traditionally been associated with a negative and unromantic stigma; often automatically suggesting that the individual seeking the prenup is already having doubts about the relationship.

This stigma however is dwindling away with more millennial couples now seeing the positive side to prenuptial agreements. Statistics have illustrated a rise over the past two decades of the median age of couples marrying for the first time.  More individuals are now entering into relationships with existing assets including real estate and established businesses. Prenuptial agreements are more often being viewed by such individuals as analogous to buying insurance. No one buys insurance with the intention of crashing their car or having their home robbed, they purchase it for peace of mind just in case it happens. Likewise, parties don’t get married and enter a prenuptial agreement with a plan to get divorced; it is just insurance in the event that things don’t go to plan. [...]  READ MORE →

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Divorce Lawyer Parramatta Explains the Requirements for a Binding Prenuptial Agreement

Why it is important to speak to a divorce lawyer Parramatta

When formulating a Binding Financial Agreement, commonly known as a prenuptial agreement,  there is no requirement for Court approval and only independent legal advice is necessary in the execution of the prenuptial agreement. It is advised that you speak to a specialist divorce lawyer Parramatta who is well informed of the particular compliance criteria for a binding agreement to be formed.

Prenuptial agreements are very complicated and require strict compliance with legislation for the agreement to be valid. Appropriate legal advice from a divorce lawyer Parramatta is vital, as in the event that parties do separate and wish to enforce the agreement, the Court has the power to set it aside as invalid and unenforceable if it was not properly executed in accordance with certain criteria. [...]  READ MORE →

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Divorce Lawyer

At Matthews Folbigg Lawyers, a Divorce Lawyer will work closely with you to ensure you are well aware of your entitlements when being advised about family law issues relating to:

  • Divorce;
  • Property settlement;
  • Superannuation;
  • Separation agreements;
  • Parenting and custody disputes;
  • Child support.

A Divorce Lawyer at Matthews Folbigg family law specialists regularly provide professional advice to clients about how to protect their assets in the event their marriage or relationship breaks down (by entering into a prenuptial agreement), how best to make arrangements for your children following divorce and how to apply for child support following divorce. [...]  READ MORE →

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Divorce Lawyer advice on the Impact of Divorce on Retirement

Often during a highly stressful divorce or property settlement, for instance where domestic violence may be involved or the parties are simply eager to settle quickly and move on with their lives; individuals are readily settling without consideration of future financial stability.

In particular, an article by Patricia Babalis highlighted a report by the Swinburne Institute for Social Research which discovered that at divorce, asset settlement ‘is often mishandled due to emotional tension and ignorance of what can be included in a settlement’. [...]  READ MORE →

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Prenuptial Agreement

Going into a marriage or de facto relationship, couples do not plan to fail, however often couples fail to plan, overlooking benefits that a prenuptial agreement may have.

A binding financial agreement is a way that couples can plan out the potential future rights or obligations of either party in the event that the relationship doesn’t work out. Such an agreement can be made before or after entering the marriage or de facto relationship.

What can the agreement include?

Prenuptial agreements can cover a range of assets, financial resources and liabilities that are often precluded from individuals minds. Such areas other than income that may be addressed by a prenuptial agreement may include: [...]  READ MORE →

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Separation Lawyer and Property Orders

Clients often ask their separation lawyer, “What kind of property Orders will the Court make?”

In the 2012 case of Stanford; the Appeal Court of the Family Court decided that in some cases, the Court may decline to make any property Orders between partners who have separated. Most parties who commence their case in the Court expect that the Judge will make some type of Order for a property adjustment.
In the case of Stanford, divorce lawyers saw that sometimes the Court will not make any order. Before the Court makes an Order the separation lawyer needs to be able to show that it is just and equitable to do so. [...]  READ MORE →

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How our family law lawyers can get the best outcome for you

It is often advised by family law lawyers that you attempt to reach an agreement with your former partner without the Courts involvement. This is for multiple reasons including:

  • You are able to make your own decisions without them being adjusted by the court
  • Reduction of financial and emotional costs and stress of legal proceedings
  • Your role as parents is less obstructed by court proceedings
  • You can finalise agreements quicker
  • It may benefit communication with your partner

In formalising as well as forming the agreement, it is often advised that you seek legal advice from family law lawyers in order to ensure that you have a comprehensive understanding of your responsibilities and entitlements under the law. This will ensure that your interests are well looked after.

Our specialist family law lawyers can assist and advise you in your property settlement. They can assist you in relation to forming as well as formalising your agreement. Our family law lawyers are able to look at the best outcome for you and give you advice as to your legal rights and entitlements in relation to your marriage settlement, property settlements or child custody rights. [...]  READ MORE →

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Property Settlement Agreement – Courts Considerations

The Family Law Act 1975 outlines general principles that the court will consider when determining property disputes and the consideration of a  property settlement agreement.

For the breakdown of a marriage this is highlighted in Sections 79(4) and 75(2); and for the breakdown of a de facto relationship this is evident in Sections 90SM(4) and 90SF(3). The principles outlined for both married and de facto relationship breakdown are identical and concern:

  • What assets and debts you have and their worth
  • Direct financial contributions to the relationship (e.g. wage and salary earning)
  • Indirect financial contributions to the relationship (e.g. gifts and inheritance from family)
  • Non-financial contributions to the relationship (e.g. caring for children and homemaking)
  • Future requirements (e.g. considering age, health, financial resources, care of children and ability to earn)

The assessment of assets and debts and hence the division of property is thus highly unique to your particular circumstance. For such reason you require a specialist family law team such as that at Matthews Folbigg, to give your matter the specific attention that it requires to best assist you in reaching your desired goals in your property settlement agreement. [...]  READ MORE →

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Child Custody Laws – Recovering your child from parental abduction

It is undeniable that every parent would go to the ends of the earth for their child; however some in desperate times take desperate measures which could potentially do more harm than good. Circumstances like this are apparent where parents are not properly advised as to child custody laws, as with the recent case in Lebanon involving Sally Faulkner and the 60 Minutes crew.

The story of Cameron the boy abducted by his mother linked below came frightfully close to being a child abduction case that took extreme measures, but for his father’s change of mind. Cameron’s father considered seeking assistance from a child retrieval agent to snatch his Cameron off the streets, however decided against it stating ‘the main reason [being] it might be dangerous for Cameron.’ [...]  READ MORE →

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Child Custody Laws – Parental Abduction

The Australian Federal Police (AFP) report on this devastating and unfortunately familiar occurrence; noting that ‘two to three children a week [are] brought into Australia or taken out of the country by a parent.’ Moreover, the AFP highlight the disastrous misconception that society often holds that if “if the child is with someone they trust, they are not in danger and should not be considered as missing.” Child abduction by a parent presents many serious concerns, for the child in particular who is subject to emotional trauma, confusion and potential health risks with parents avoiding doctors to prevent being traced. [...]  READ MORE →

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Divorces and Property Settlement Agreement

In the recent case of Fontana v Fontana (2016) it was determined that a husbands appeal against property settlement agreement orders were permitted as they failed to adequately consider his state of health as outlined under s 75(2).

In establishing the property orders, the trial judge ordered that the couple’s property be split with 43.6% to the husband and 56.4% to the wife creating a difference in assets received by the parties of $155, 400. The husband’s appeal to this outcome was founded on his health condition whereby he was subject to renal failure and required multiple dialysis treatments a week while he awaits a transplant. Consequently, the husbands appeal was successful as the trial judge failed to locate a finding in relation to life expectancy and thus the orders made by the trial judge were set aside. [...]  READ MORE →