At The Legal Drafter we can assist you with your financial matter and property settlement by drafting the correct financial documents to divide your assets, liabilities and superannuation, whether or not you and your former spouse have reached an agreement.
If you have reached an agreement, you will need to file Consent Orders with the Family Court of Australia/Family Court of Western Australia to finalise your agreement and make it binding on both parties.
Time limits – marriage, an application for a property settlement must be made within 12 months of your divorce becoming final.
Time limits – de facto relationship, an application for a property settlement must be made within 2 years of the breakdown of your de facto relationship.
If you have reached an agreement, you can make an application to the Family Court of Australia/Family Court of Western Australia to formalise your agreement by applying for Consent Orders. Or alternatively, you can enter into a Binding Financial Agreement.
If you can’t reach an agreement, you can file an application for financial orders in the Federal Circuit Court/Family Court of Western Australia, including orders relating to the division of property and payment of spouse or de facto partner maintenance.
THE PROPERTY POOL
The Family Law Act 1975 (Cth) sets out the guiding principles in which the court will consider making an order for a property settlement. The court will look at the ‘property pool’ which will include you and your former spouse’s assets, liabilities and superannuation. You can also make an application to the court for spousal maintenance – spouse maintenance or de facto partner maintenance. If you can not meet your own reasonable expenses from your personal income and assets, under the the Family Law Act 1975 (Cth), your former spouse has a responsibility to financially assist you.