Finalising the division of assets
Separation is a difficult time for everyone. You will need to make some decisions about what happens to your assets for example, the family home, investment properties, businesses, even pets.
What are the enforceable options available to me?
There are essentially three avenues:
- Binding Financial Agreements
- Consent Orders
- Court Application
We strongly recommend that you exercise one of the three options above. Whilst the parties may have reached an agreement between themselves, if it is not formalised properly, either party may walk away from it, resulting in more heartache and emotional distress.
Option 1: Binding Financial Agreements (BFA)
Parties may enter into BFAs where they have been able to reach agreement about how the assets are to be split. Where agreement has not been reached, our lawyers can negotiate on your behalf and attempt to reach a resolution. Our lawyers can then draft a formal BFA which will set out the division of assets in precise terms. Where a party tries to deviate from the BFA, our lawyers can help you enforce the agreement to ensure you receive what you are entitled to have.
Option 2: Consent Orders
Our lawyers can help you finalise consent orders where parties are in agreement regarding the division of assets. These Orders are filed with court and hence are easier to enforce. Parties will need to satisfy to the court that the proposed orders are ‘just and equitable’.
Option 3: Court Application
Where parties cannot reach agreement, our lawyers can prepare your application and affidavit and seek Court Orders for property division.
The Courts prescribe strict time limits by which you must file your application. If you have finalised your divorce, you have 12 months to bring an application. Where parties were in a de facto relationship, they have 2 years from the breakdown that relationship.
What should I do?
We encourage you to call our lawyers for a free confidential telephone conversation and we will explore some options and arrange for a time to meet you and initiate the process on your behalf.
