FINANCIAL SETTLEMENTS
GET THE ANSWERS WITH A FINANCIAL SETTLEMENT LAWYER IN GEELONG
Even the most amicable break-ups can get messy when money is involved. You want to move forward with your separate lives feeling stable and financially secure, but you’ve probably got a lot of questions before you can get there.
With professional support for financial settlement after a divorce, you can be sure you’re making the right decisions for you and your family.
Canny Legal can help you resolve key issues such as who will get to keep the home, who will pay the mortgage, and ensuring the spouse on a lower income can maintain a reasonable standard of living. Ultimately, our job is to help you achieve financial security for the future.
BINDING FINANCIAL AGREEMENT LAWYERS THAT HELP YOU MOVE FORWARD
The family lawyers at Canny Group can help with the start-to-finish of creating a Court Order (also known as a Consent Order). Once this property settlement agreement has been drafted and signed by the parties, it goes to Court to be approved as a legally binding Court Order. This type of property settlement order will only get the go-ahead if the Court deems it “fair and equitable”.
In other, rarer circumstances, we can also support you to create a binding financial agreement after a separation. For this out-of-court agreement to go ahead, there’s no need for the agreement to be fair and equitable, but both parties need to have a lawyer who signs it off.
Whether you go for the Consent Order or Binding Financial Agreement option, Canny Legal provides the support and advice to help you reach the best conclusion, so you can start to move on.
Your dedicated property settlement lawyer in Geelong will learn about your background and assist with dividing property after separation, plus other assets and marital debts.
This includes the fair share of assets such as:
- Properties
- Investments
- Superannuation/ Retirement accounts
- Possessions
- Motor vehicles
- Business
Arrangements will be made for the allocation and payment of liabilities such as:
- Mortgages
- Loans
- Credit card debt
- Child support costs
Financial Settlement + Property Settlement FAQs
When married or de facto spouses separate they are ultimately required to divide their assets and liabilities to enable them to end their financial relationships and become financially independent.
A ‘family law property settlement’ refers to the process of formally dividing and allocating the various assets and liabilities to the spouses.
This may involve, for example, one person retaining a real property and making a payment to the other, or a real property being sold and the proceeds divided between the spouses, and the division of motor vehicles, superannuation and other investments.
Family Law property settlements can also deal with the issues of ongoing financial support paid between spouses.
A Court Order is the most common method of formalising a family law property settlement.
It is a legally binding written document that outlines the various things that need to be completed to enable the family law property settlement to physically occur.
For example, it will outline which spouse is to retain which asset and liability, and the timelines and conditions involved in the transfers occurring.
A Consent Order is a Court Order that is obtained with the consent (agreement) of both parties.
Where parties agree to the terms of their family law property settlement, then lawyers will draft into a formal written agreement.
This agreement is filed with the Court, and if the Judge deems the settlement to be fair and reasonable, they will approve and stamp the written agreement as a legally binding Court Order (called a ‘Consent Order’).
A Binding Financial Agreement is like a Consent Order.
However, rather than having the agreement approved by the Court as a legally binding Court Order, a Binding Financial Agreement does not involve the Court, but instead requires both parties to have lawyers who sign certificates confirming that they have provided certain advice.
The Binding Financial Agreement method also does not require the terms of the settlement to be fair and reasonable. A Binding Financial Agreement can also deal with certain other financial matters that Consent Orders cannot.
Binding Financial Agreements can also be completed before spouses separate, before they are married (colloquially known as pre-nuptial agreements) or even before they start living together in a de facto relationship.
These documents can deal with how assets and liabilities will be divided in the event that the parties separate.
The ‘Divorce’ is a separate process that is essentially a decree made by the Family Court that spouses are no longer married, and they are free to marry other people.
Spouses must have been separated (either physically or whilst living under the same roof) for a period of 12 months before they can apply for a divorce application.
However, unlike a Divorce Application, separated spouses are not required to have been separated for a period of 12 months before they apply to have property settlement Consent Orders approved, or they apply to the Family Court to commence property settlement proceedings. These two processes can occur at any time following the spouses’ separation.
Family law property settlement matters can also be finalised at any time following separation by way of a Binding Financial Agreement. Further, as detailed above, family law property settlement issues can also be dealt with by Binding Financial Agreements before parties separate, or even marry or even live together.
MORE FAMILY LAW SERVICES
Parenting arrangements
Making decisions over shared parenting arrangements.
Divorce
Dissolving a marriage following a 12-month separation period.
Family violence + intervention orders
Providing support and advice to keep you safe.
Clarity
We make legal aspects simpler, by cutting out jargon and providing clear advice.
Honesty
We set clear expectations from the outset.
Transparency
At a time when financial concerns are high, we offer transparent fee structures and cost-effective solutions.
Human
We know how difficult this can be, and provide compassionate support throughout.
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