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Divorce and Property Settlement Agreement Australia
How to take care of your property settlement after a divorce for under $1950 in total for both parties.
When getting a divorce there are two processes to consider – one is simply dissolving the marriage itself and the other is dividing the property, spousal maintenance and child support issues.
Divorced couples who wish to finalise all matters of a financial nature in dispute between them, including spousal maintenance, require some form of legal documentation.
As long as the couple are communicative and willing to resolve their issues they can be addressed in one of two ways. The couple can make an agreement with ‘consent orders’ being made by a family law court or they can enter into a financial agreement under Section 90D of the Family Law Act.
A Binding Financial Agreement, is a simple and convenient way to formalise the the property settlement after the end of a marriage.
It allows you to document what you think would be a fair and reasonable property settlement instead of leaving that decision up to the courts.
Some of these issues may seem a little daunting at first, but given the right template to start, some sample clauses and a little guidance, you will be surprised how straight forward it actually is.
Common property settlement issues include:
- whether one party will pay financial support (spousal maintenance) to the other, which would be in addition to child support;
- how to deal with savings, share portfolios, and other investments;
- how to deal with future windfalls or an inheritance;
- how to determine who retains ownership of furniture and household goods if agreement cannot be reached;
- clarifying who is responsible for certain debts or liabilities;
- clarifying ownership or control of family businesses, companies and trust accounts.
