Family Law & Divorce Lawyers

A property settlement refers to the process after a breakdown of a relationship by which the parties to divide their assets and liabilities. This may include issues such as the division of real estate, business assets, debt, and superannuation.

Family law child custody or parenting matters are those relating to the care and control of children following the breakdown of a relationship.

This can include things such as who a child lives with, who has responsibility for making decisions over a child and whether that is a sole or joint responsibility, whether financial support is to be provided for the ongoing care of a child, and any other aspect regarding the care, welfare, development of, or parental responsibility for, a child.

There are three key ways in which family law property or parenting matters are resolved.

1. Consent Orders

The most common way family law property matters are resolved is by way of consent orders. This is where parties mutually agree to how their assets are to be divided, and the court makes an order which makes the agreement binding on the parties.

Consent orders can be obtained:

(a)    In amicable situations – Where the parties already know how they want to divide their assets, they can obtain orders from a court by consent.

(b)    In non-amicable situations – where the parties are involved in court proceedings against one another, but bring the proceedings to an end on the basis of mutually agreed terms.

In order to make orders by consent, the court will need to be satisfied that the proposed division of assets between the parties is just and equitable. A law firm specialising in family law such as Thornton and King can assist you by providing you with advice as to what factors will be considered by the court, what division of assets may be considered just and equitable by the court, and assisting in the preparation, negotiation, and lodgement of consent orders with the court.

2. Binding Financial Agreements

The second most common way family law property matters are resolved is by way of binding financial agreement. These agreements are binding agreements that are made between parties with the benefit of legal advice, but without the need for the court to make any orders, and therefore a binding financial agreement does not necessarily have to reflect a division of assets that is just and equitable.

3. Court Hearing

The third most common way of resolving a family law dispute is by way of a final court hearing. This occurs where the parties are unable to reach a negotiated agreement, resulting in the need for a court to make a determination as to how the assets of the relationship should be divided between the parties.

Receiving proper legal advice can give you peace of mind that you have considered all relevant issues, including your current and future financial needs, the current and future needs of your children, and practical advice on the best way to structure your division of property, business, and other assets. There can be tax and other practical consequences associated with the division of property.