When couple separate – What’s Next?

Have you separated with your spouse and there is no prospect of reconciliation? Separation can be traumatic especially if there are assets to be divided and when one party demands unreasonable share of the matrimonial asset.

If confronted with the issue, it is best for the couple to sort out the financial issue amicably as going to Court is emotionally and financially draining. If you settle, you can have an agreement through a Binding Financial Agreement or by Consent Order submitted to the Court without the couple going to a protracted litigation.

If the couple are still not in agreement on how to divide the joint assets, it is now required under the Federal Circuit and Family Court of Australia (Family Law) Rules 2021 (Family Law Rules) that each party will endeavour to discuss the issue first or what we call a ‘pre-action procedure’ before filing a financial matter case (property settlement) in court. This is where the parties will exchange financial documents such as details of real property assets, bank details, employment records, superannuation and contribution to the acquisition and preservation of the asset. On complex issues, the parties are advised to seek mediation and only if settlement discussion during mediation fails, that a party can file the case in court.

Our firm has the experience in handling and negotiating property settlement matter to have a fair and reasonable outcome of your case. We can draft a binding agreement if the couple agree to settle amicably or by of Consent Order or act on your behalf in Court. Please call us on (02) 96356500 for initial consultation.