New post added at Key Principles of Property Distribution in Family Law - If you and your partner have separated, it is important to consider how the property you own is going to be divided. The Family Law Act provides for couples who are married, divorced, or in a de facto relationship and wish to achieve a property settlement. The property provisions are designed to finalise the economic relationship between the parties as much as possible and to recognise the contributions of the parties to the property. There are time limits for bringing property proceedings, being 12 months from the date of a divorce order becoming absolute or 2 years following the end of a de facto relationship. These limits may be extended if they would cause hardship. The court is able to make ‘such order as it considers appropriate’. However, the court must have regard to a method of reasoning called the ‘four-step process’. This is summarised to be as follows: Step 1: Identify and value the property of the parties; Step 2: Consider the contributions of the parties; Step 3: Consider the future needs of the parties; and Step 4: Consider whether the order proposed is ‘just and equitable’. There are a range of options to achieve and implement a final property settlement: Consent Orders: Where the parties have reached an agreement and proceedings have not been commenced in court, an Application for Consent Orders is filed. No attendance at court is required however there must be full disclosure of all assets and liabilities. Orders in pending proceedings: The court may make orders by consent of the parties to finalise the issues between them. Parties settle between themselves: The parties may separately execute their settlement without court orders or a financial agreement. This is discouraged as either party is able to change their mind. It is strongly recommended that every settlement is properly documented by Consent Orders or Financial Agreement. Agreements between the parties can be reached at any stage of the proceedings. The majority of property matters are settled as a result of negotiation between the parties and their solicitors and do not proceed to a contested hearing in court. If you find yourself in a time of family crisis and need timely, cost effective and sensitive legal advice, WE CAN HELP YOU. Contact us on (02) 9688 6023 for assistance. - franklegal.au/family-law/key-principles-of-property-distribution-in-family-law/
Posted on: Wed, 10 Jul 2013 05:56:18 +0000
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