First step
Following an amicable separation, a good starting point is to have discussions with your former partner about the assets and liabilities of the relationship and how these will be divided between you.
In some relationships, one partner may have managed the finances during the relationship. If this is the case, it is particularly important to have transparent and honest discussions so that you clearly understand your financial position and can make an informed decisions moving forward.
Do I need Legal Advice?
Even when you are able to reach an agreement with your former partner about the division of assets, we recommend speaking with a family lawyer who can:
a. Advise you on whether the agreement reflects your rights and entitlements under the Family Law Act 1975 (Cth) (“FLA”); and
b. Advise you on ways to formalise and implement the agreement.
Rights and entitlements under the FLA
The Court is required to consider whether it would be just and equitable for the Court to make orders altering the property interests between two people.If it is just and equitable, there is legislative criteria that the Court must consider in order to determine whether there should be an alteration of property interests. You can read more on the criteria in our article here.
Our experienced family lawyers can advise you on whether the informal agreement reached with your former partner reflects your rights and entitlements under the FLA.
Formalisation of agreement
If you are able to reach an agreement with your former partner, a family lawyer can assist you to formalise this agreement, ensuring that it is legally binding and enforceable. This may be in the form of:
a. Financial Agreement (pursuant to s 90D FLA – if you are divorced, or s 90UD FLA – if your de-facto relationship has broken down); or
b. Making an Application for Consent Orders with the Federal Circuit and Family Court of Australia.
Our Recommendation
Although it may feel unnecessary to involve a lawyer where separation is amicable, obtaining legal advice at an early stage can provide certainty, protect your position, and help prevent issues arising in the future.
How we can help
Our compassionate and understanding family law team at Streeterlaw are here to assist you throughout this process – in which ever capacity you may need. Please contact us on (02) 8197 0105 or by email at contact@streeterlaw.com.au to discuss how we can help you with your family law matter.
