Dealing with the complexities of property settlement is stressful, but Eckert Legal can help simplify the process with our afforable services.
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Separation and Assets
When a couple separates the division of property and assets is one of the most important issues.
There is no automatic 50/50 division of property. Property orders are based on contributions made during the relationship and both people’s future needs, including the support of children.
It is important to understand that property is broadly defined to include any assets acquired by either or both parties during the marriage, and may sometimes even extend to include those assets that were owned by either party prior to the marriage that have since been used for family purposes.
Additionally, it is important to understand that assets do not have to be physical, but may also include financial resources such as superannuation and any entitlements to benefits from a family trust.
A financial order is a set of orders made by a court relating to the division of property and can include orders for payment of spouse or de facto partner maintenance. A court can make a financial order based on an agreement between the parties (consent orders) or after a court hearing or trial.
You can apply for orders relating to:
- property – to say how your property, income, financial resources and debts should be shared between you
- maintenance – to provide financial support for a (former) husband or wife, or (former) de facto partner
- child support – (in certain circumstances)
While it may seem complicated, Eckert Legal can simplify and streamline the process.
Given the complexities of the division of property, the court developed an approach known as the “four-step process,” which is used when assessing property applications.
The steps are:
- Identifying the Assets, Liabilities and Financial Resources of the Parties
- Assessing the Contributions made by the Parties
- Evaluating Each Party’s Future Needs so Far as They Are Relevant
- The Court Must be Satisfied, in all the Circumstances of the Case, that it is Just and Equitable to Make the Orders
Once all the above have been completed and the court is satisfied, it will make a just and equitable order deemed appropriate by the evidence provided.
Eckert Legal is experienced in handling this process and can assist you in protecting your family’s property with minimum hassle and cost.
If both parties have reached an agreement about financial and property arrangements out side of the court and wish to formalise the agreement to make it binding, you can apply to the Family Court of Australia for consent orders.
Consent orders can also be used to vary or discharge existing family law orders.
It is important you contact Eckert Legal as we can provide advice in relation to your situation and make you aware of your legal rights and responsibilities. We can also explain how the law applies to your case and help you with reaching an agreement without going to court.
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