Property Settlement

Resolving financial matters following the breakdown of a marriage or de facto relationship can be one of the more difficult and challenging situations which people may face during their lives.

​Regardless of what is ultimately at stake, we apply the same level of dedicated and focussed attention to all aspects of all our clients’ cases. As a client you will receive strategic, clear and commercial advice and representation in relation to every aspect of your financial settlement or dispute following the breakdown of your relationship.

We will ensure that we will negotiate and achieve the most financially advantageous outcome for you and make sure you receive everything you are entitled to.

The first step is ‘Disclosure’. Each party has a duty to provide full and frank disclosure as to their assets, liabilites and superannuation. Parties will exchange documents including but limited to ;

  • Bank statements;
  • Superannuation balances;
  • Income tax statement;
  • Information about any assets such as stocks of business interests; and
  • Statements of all liabilites such as credit cards, Centrelink debts, mortgages, personal loans.

Once we have reviewed both your and your ex-spouse’s disclosure, we will provided detailed advice.

​If it seems possible that property settlement could be finalised by consent, we will recommend an out of court settlement. There are two ways of finalising property settlement out of court.These are:

  1. Binding Financial Agreement; or
  2. Consent Order

A Binding Financial Agreement is a financial document, similar to a pre-nuptial agreement, but may be signed before, during or after a marriage. This legally binding Agreement will cover division of the property and debts of the marriage, superannuation and spousal maintenance. There are strict procedural requirements that must be adhered to such as each party must receive independent legal advice about the Agreement before signing. Once signed, there are only limited circumstances in which a Binding Financial Agreement will be void.

​A Consent Order is a written agreement that is formalised and approved by the Family Court to make it legally binding. The Courts must be satisfied that the property settlement split is ‘fair and equitable’. Each party is required to receive independent legal advice.

​In some cases, it is not possible to achieve an out of court settlement. In this case, we will file proceedings to initiate the property settlement in the Federal Circuit Court. This application must be filed within two years of a de facto separation or one year of a divorce.

​The Courts will consider the following process;

  1. The net asset pool of the matrinomial relationship;
  2. The financial and non-financial contributions of each party;
  3. The future needs of each party; and
  4. Whether the proposed orders are ‘just and equitable’.

At Phillips Green & Associates, we can guide you through this process. Contact us on (08) 8122 9505 to speak to one of our team.

Contact our professional team and let us resolve your matter.

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