Property Settlements

Property Settlements

Separating your finances after a relationship breakdown can feel overwhelming especially when there are shared assets, debts, or financial responsibilities. At Wakefield Lawyers, we’re here to guide you through the process with clarity and care, helping you reach a fair and reasonable outcome.

Whether you have just separated after a marriage or de facto relationship, and whether the relationship was long or short, our experienced family lawyers assist clients across Gippsland and beyond with all aspects of property settlement following separation.

‍

Understanding the Asset Pool

The first step in any property settlement is working out the full picture of your financial situation. This includes identifying and valuing:

• Property (e.g. homes, investment properties)
• Vehicles, boats, caravans
• Furniture, tools, and personal items
• Superannuation
• Shares, businesses, or livestock
• Debts, such as mortgages, loans, and credit cards

Where values can’t be agreed on, we can arrange for expert valuations, such as sworn real estate valuations or business assessments by forensic accountants, to ensure the asset pool is accurately understood.

‍

How Property Is Divided After Separation

There’s no set formula for how property is divided under the Family Law Act. Instead, the Court considers a range of factors to ensure the outcome is fair and equitable. These include:

• The length of the relationship
• Financial and non-financial contributions made by each party (including inheritances or redundancy payments)
• Contributions as homemaker or parent
• Each party’s income-earning capacity
• Future financial needs, such as caring for children, age, health, or other responsibilities
• Each party’s health needs

We take all of these matters into account when giving advice regarding what division of assets might be appropriate in your individual circumstances, and negotiating a property settlement on your behalf.

‍

Making Your Agreement Legally Binding

If you and your former partner can reach an agreement about how assets and liabilities should be divided, it’s important to document that agreement in a way that’s legally enforceable. If you don’t, you are at risk that you former partner could change their mind, and make an Application to the Federal Circuit and Family Court of Australia seeking more.  There are two main options:

‍

Consent Orders

We can prepare the required documents to apply for Consent Orders through the Federal Circuit and Family Court of Australia. These include:

• An Application outlining all financial details and relevant factors
• Consent Orders setting out exactly who will receive what, including timelines for transfers or payments

Once filed, a Court Registrar reviews the agreement to ensure it is just and equitable. If approved, the Orders become legally binding and enforceable.

‍

Binding Financial Agreement (BFA)

Alternatively, a Binding Financial Agreement (also known as a BFA) can be prepared without Court involvement. This also sets out the division of assets and liabilities, but each party must receive independent legal advice before signing. Both lawyers must provide a signed certificate confirming this advice has been given.

This option is often used where flexibility or urgency is a priority.

Both Consent Orders and a BFA are a good option to give you legal protection once you have agreed upon dividing your assets. Also, if what you have agreed upon involves a superannuation split, which is when superannuation is to be transferred from one partner’s superannuation fund to the superannuation fund of the other partner, the law requires that the superannuation fund can only do so if served with either Consent Orders of a BFA.

‍

We understand that separating your finances can be one of the most challenging parts of a relationship breakdown. At Wakefield Lawyers, we’ll walk beside you every step of the way providing practical advice, negotiating on your behalf, and working towards a resolution that gives you confidence for the future.