Property Settlement
Property Settlements with Keni Family Law
Navigating the complexities of property settlements after a relationship breakdown can be challenging. At Keni Family Law & Mediation, we offer expert guidance to help you through the legal process of dividing assets and liabilities with clarity and confidence. Property settlements can be formalised through several legal instruments, including:
Consent Orders
- Definition: Legally binding agreements approved by a court that outline how property and assets will be divided between the parties.
- Process: Mutually agreed upon by the parties and submitted to the court for approval.
- Advantages: Quick and cost-effective, avoiding the need for a court hearing. Once approved, it has the same effect as a court order.
Binding Financial Agreement (BFA)
- Definition: A private contract between parties that outlines the agreed terms of the property settlement.
- Process: Independent legal advice must be obtained before signing. Must meet specific legislative requirements to be enforceable.
- Advantages: Flexible and private, allowing parties to decide terms without court involvement. Can cover financial matters such as spousal maintenance and superannuation splits.
Court Orders
- Definition: Orders issued by a judge or magistrate following a court hearing, dictating how property and assets will be divided.
- Process: Used when parties cannot reach an agreement. The judge or magistrate will consider various factors, including contributions and future needs, to determine a fair division.
- Advantages: Ensures a fair settlement, especially where there is a significant disparity in bargaining power. However, it is often time-consuming and expensive.
Key Considerations in Property Settlements
- Valuation of Assets: Accurate valuation of all assets, including real estate, vehicles, superannuation, and personal belongings.
- Division of Liabilities: Consideration of liabilities such as mortgages, loans, and credit card debts.
- Contributions by Parties: Both financial (e.g., income, savings) and non-financial contributions (e.g., homemaking, parenting).
- Future Needs: Consideration of future needs, including earning capacity, age, health, and financial resources.
Our Commitment
At Keni Family Law, we are dedicated to providing personalised and comprehensive legal support to guide you through the property settlement process. Our experienced lawyers will help you formalise your settlement through the most appropriate legal instrument, ensuring your rights are protected and your interests are prioritised. Secure your peace of mind and ensure a fair division of property and assets by choosing Keni Family Law & Mediation.
Contact Us Today
Contact us today on 03 9882 7613 or contact@kenifamilylaw.com.au to schedule a consultation and begin your journey towards a stable financial future.