Frequently Asked Questions about property settlement – answered by top family lawyers in Central coast
A property settlement is the formal division of the property after a couple decides to go separate ways. Hence, whenever such an instance happens, the discussions regarding the division of assets are started.
On the other hand, couples seeking legal termination of marriage need to wait for 12 months from the date of separation to file for a divorce decree. However, if you plan to formalize your property settlement without filing for a divorce, then you need to seek the aid of the best family lawyers on the Central Coast.
Applying for a property settlement by separation
When you decide to apply for property settlement by separation, you need to prove to the court that a de-facto relationship existed. It means that you need to have sufficient proof to justify the presence of a genuine domestic relationship by proving that the separating couple has –
- Been residing together for two years or more
- There is a child from the relationship
- Recognition of the de-facto spouse and their financial contribution to the same
After a couple of separates, how do you determine who gets the lion’s share in the property matters?
The court has an appropriate mechanism in place for handling property mattersand division of property –
- The agreement is made on the value of the assets and liabilities of the two individuals
- The court determines the financial and nonfinancial inputs made by each party to the relationship
- Assessment of the impact of the separation on matters related to children and income potential of each party
- An overall attempt is made to ensure a just and equitable outcome
How to make the property settlement agreement legally binding?
Using the aid of the best family lawyers on the Central Coast, you can ensure that your property settlement becomes legally binding on all the parties –
- You can file for terms of settlement or achieve orders with the Family Court of Australia
- You can enter into a binding financial agreement in the presence of legal experts from both parties
One of the prime benefits of legal agreement in property mattersis that it provides you with certainty and finality. It also helps to protect the assets acquired post-separation. You may be able to attain stamp duty and capital tax advantages.
Who pays mortgage post-separation?
The question is often integral to the agreement for property settlement by separationand when budgets are stretched to the maximum.
For this, it is important to determine if the property mortgage is jointly shared. If yes, both the parties are legally responsible for payment of the same. If the payment is not made timely, the mortgage becomes defaulted, and the bank will move ahead to take possession of the property. Therefore, the ramifications of these matters can be extremely serious.
It is why you need to take the aid of the best family lawyers and ensure that you minimize any negative impact arising from the ongoing mortgage debt.
How do you stop the disposal of assets in such situations?
To prevent the unlawful disposal of the assets, you need to apply to the court for injunctive orders. Similarly, you need to prove to the court that the dissipation of these assets is imminent. Hence, you need to seek legal advice as early as possible following their separation, and this enables clients to minimize the risk of informal distribution of the joint property.