What is Family Law property settlement?

24-May-2019 Family Law By admin

The term ‘property settlement’ in a Family Law context means a financial agreement reached between a separated couple by mutual consent rather than a decision imposed by a Court or an arbitrator.

Property settlement can occur at any time which is why you need to to arrange orders or a financial agreement as soon as possible. You do not need to wait 12 months after separation to finalise your financial interests.

You can finalise your property settlement via:

Consent Orders

  1.  This can be done by way of an Application for Consent Orders filed with the Family Court of Australia attaching the terms of consent for approval by a Registrar; or
  2. Terms can be handed up to the judge for approval at any time after Family Law proceedings have been commenced in the Courts.

OR

Binding Financial Agreement (‘BFA’)

  1. A private legal contract which sets out the terms of the Agreement which must conform with the strict legislative requirements of the Family Law Act 1975 (Cth).
  2. A BFA should only be drafted by a Family Law specialist as there are many technical elements which must be complied with to withstand later challenge by the Courts. We recommed reading this article on the benifits and pitfalls of a BFA

However you choose to document your agreement, it is essential to obtain expert legal advice to ensure that your agreement is correctly drafted and enforceable. Call us on 02 8197 0105 and talk to one of our Accredited Specialists today.

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