Property Settlement Tips - Family Law

What better way to start fresh than to end all financial ties with your former spouse.

While longer marriages or relationships with complex financial circumstances may benefit from family law advice, shorter relationships or relationships with a modest net asset pool will most often benefit from reaching an agreement without the costs of legal intervention.

If you are planning on negotiating with your former spouse with respect to a property settlement, here are some helpful tips:

1. Get financial advice.

It may be beneficial to first determine your long-term financial objectives and ways you may achieve those objectives before you commence property negotiations.

2. Enlist the help of a mediator.

Certain organisations such as Relationships Australia provide Family Dispute Resolution (Mediation). Family Dispute Resolution is facilitated by an independent third party. Each party gets the opportunity to express their own views and are free to talk about issues of concern.

3. Full and Frank Disclosure.

Always be upfront about your financial circumstances. Both parties are required to make full and frank disclosure with respect to their financial circumstances. Failure to do so may give the Court the power to set aside the final Property Orders upon application.

4. Beware of taxation implications.

It is important that you obtain advice from an accountant as to the taxation implications of the property orders you have agreed to. Whilst certain actions may be exempt from duty such as the transfer of the main residence from one spouse to another, others might not be for example, where one party agrees to pay the other a sum of money from company funds.

5. Superannuation is considered property.

If you need to obtain information from the Trustee of an eligible superannuation plan you may use the Superannuation Information Kit found on the Federal Circuit Court’s website at http://www.federalcircuitcourt.gov.au/wps/wcm/connect/fccweb/forms-and-fees/court-forms/form-topics/Family+Law/kit-diy-superannuation-info

6. Make the Orders binding.

Once you and your former spouse have reached an agreement with respect to your property, in order to make the agreement binding you must complete and file an Application for Consent Orders and the Consent Orders.

7. If in doubt, seek legal advice.

If you are unsure of what you are entitled to or feel as though the agreement reached gives you less than what you are entitled to, then seek advice from a family law solicitor. If you feel like you need to speak with a lawyer about your agreement contact us on (02) 9281 5088 or by email via our online contact form. We can also refer you to a financial advisor or accountant if required.