How to ensure your Financial Orders are effective25-August-2017 Family Law By Simone Green
The focus of most Family Law matters is on getting a legal agreement (Financial Orders) in place regarding how property is to be divided by the separating couple. The execution of those orders is often forgotten in the process, so it is important that those involved take some initial key steps to ensure the orders are smoothly implemented.
First steps in the implementation of your Financial Orders
- If your orders require the transfer of a property from one party to another, this will generally require the parties to sign a “transfer” document, in the appropriate form, prepare a Notice of Sale, arrange for the appropriate duties (or exemptions) to be processed, arrange for a re-finance of the mortgage, if applicable, and attend a settlement whereby the transfer is exchanged for a sum of money, or some other agreed property or item.
If your Orders require the transfer of property within a set period of time (like 42 days), it is important to have your lawyers begin the process as soon as the orders are obtained, as some steps take time.
- Bank accounts that need to be closed may require set forms to be filled in and signed by the parties, including directions regarding the distribution of the balance;
- A transfer of shares in a private company will also require the execution of a “transfer” document, together with ensuring that the appropriate resolutions, update to the company’s register and creation of share certificates are attended to by the company; and
- A transfer of a vehicle will require transfer documents, together with a copy of the Orders to be presented to your local Roads & Maritime Services Centre (Service NSW).
- Once you obtain your Orders, you should diarise all the relevant dates and deadlines in order to ensure that you are not in breach of the Orders.
It is crucial that Financial Orders include a clause to ensure both parties continue to carry out their responsibilities.
It is important to include a clause that allows the Registrar of the Family Court or Federal Circuit Court to act in the place of a defaulting party. This will ensure you have a mechanism you can use to enforce your Financial Orders if the other party does not comply with the Orders.
Even when all the recommended steps have been taken, the implementation of your orders may take time, and may be conditional upon other orders or circumstances taking place first. You should always seek advice in the event you are unsure or in doubt.
At Streeterlaw, our Family Lawyers are equipped to talk you through the implementation phase of your property settlement, and can provide you with the most relevant and timely advice to ensure it can be finalised as quickly as possible. Please contact us on 8197 0105 or email email@example.com.
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