Stats shows that in Australia at least one-third of relationships end in divorce or separation. Usually, we don’t find accurate information about property settlement after separation or divorce.
Different cases have different results. All cases are decided according to the given facts, the result of each case is different.
Each case of property settlement after divorce has different results. We hear different wrong statements from our clients. Let’s have a look at wrong divorce property settlement examples in Australia.
Recently there were no such rules for de facto relations. But now Family Court and the Federal Court can make a financial decision for the couples who were in a relationship.
After divorce in Australia property settlement is decided easily. But sometimes, you may have to visit the court. So, you must be prepared for it. Let’s know about the basic rules about divorce property settlement. The court does not have a formula for dividing the property. No one knows about the exact results of the case. The judicial officer will decide according to the given facts of your case.
The family law act 1975 has declared the general principles which are followed by the court while deciding financial disputes after the divorce, also there are rules for property settlement after the ending of a de facto relationship. See sections 79(4) And 75(4)
To know about property settlements after divorce. If you were in a de facto relationship then you may look at 90SM(4) And 90SF(3)
The basic rules are the same whether you were in a marriage or a de facto relationship.
The division of assets will depend on your financial status. You may get more or less according to your condition.
Property settlement after divorce has a time limit. In case of a divorce you should for this application in 1 year of the divorce becoming final. If you were in a de facto relationship, it expands to two years after the breakdown of the relationship.
If you were not able to apply in the given you will have to get special permission from the court to apply this application.
If your financial condition is not good then you should go for property settlement. But, the court has the authority to decide about property settlement. If the court finds that it is suitable to divide property then the court will not allow it. It is all based on the given facts and circumstances. If the court decides not to allow property settlement then both parties will leave with the properties under their name and possession.
In the property pool, all the assets and liabilities of both parties are included, it also includes assets in joint names. It can include a house, townhouse or a block of land. It can also be a business vehicle, motor vehicle, camper, boat, bank accounts, shares and nowadays bitcoin is also included. In liabilities loans like mortgage, personal loan and business loan is added, also credit card, debt Australia is included in liabilities.
If a party sales one or more of its properties after divorce or separation, these properties are added back in the property pool. It is good to negotiate with the other person before taking such a step. The same procedure should apply if you purchase a new property.
These agreements are just like contracts. In these agreements, parties decide how they want to divide the property. The couples in a marriage or de facto relationship candy go for financial agreement. You can make these agreements before, during or after your marriage.
If you are thinking of making such agreements then you should understand the terms and conditions of the agreement. Before signing the agreement you should receive legal advice. This agreement can save a lot of time. The property settlement after divorce gets easier if you have such an agreement.
At Mackay family lawyers we have the most experienced lawyers for divorce property settlement. We can deal with all kinds of property issues. We have made many satisfied clients. We can help you get your true right.
Here are some commonly asked questions about property settlement after divorce.
The easy solution to this problem is that you should decide how to divide property by discussion. But most couples don’t agree to this solution so you will have to go to court. In court, the judge will decide according to the stats provided by both parties. The decision changes according to one’s financial status.
You will have to tell the court about the cause of delay. You must show them that your life or the life of the child will get harder if the court does not allow you to proceed.
The Family Law Act allows couples in a marriage or in a de facto relationship to agree to property settlement if their relationship breaks down. This agreement is called the Binding Financial Agreement. In this agreement, the court is not involved in any kind of property matters. The court is involved if this agreement is terminated by the parties.
Source: https://familylawyersmackay.com.au/property-settlement-after-divorce/
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