Family Law Court and Financial Settlements

What Family Law says is the best way to resolve your financial matters

Why not try family dispute resolution before seeing a lawyer, it will save you time and money and keep you out of the court system. 

If you can reach an agreement with the other party, without going to court offers many advantages, such as:

  • You make your decisions
  • Your greatly reduce the financial and emotional costs of legal proceedings
  • Your continuing relationship as parents, if you have children, is likely to work better
  • You may improve communication with your former partner and be better able to resolve disputes in the future

 

Why settle without going to court?

It saves you time and money if you reach agreement between yourselves. You also know exactly what each of you will get, whereas there is uncertainty waiting for a magistrate to decide for you. Additionally, long court proceedings can increase stress and add to the pressure that you and your family are under.

 

How can you formalize your agreement?

 

You can agree on how your property should be divided without any court action. You can do this through either

  • a financial agreement or
  • an agreement formalized by applying for consent orders in which you ask a court to make orders in the terms of your agreement.

 

Mediating division of property

Before you attempt mediation you need to have done your homework. You need to be able to identify, undertstand and agree on what property and assets you both have, and on its valve, before deciding how to divide it. Do not be tempted to rush to reach an outcome, the risk is that any 'agreement' will come unstuck when one of the parties later reflects and realizes that a particular asset or debt has not been fully disclosed. In other words, you need to be able to identify and understand what you own and what you owe. You also need to know the value of each of your assets and how you would like the assets to be divided. Do not forget to consider superannuation, life insurance with a cash surrender value, tax refunds due. In the case of complex legal structures such as trusts and companies, this needs more attention and you are advised to seek legal or financial advice. 

The mediator will advise you that a complete list of assets and debts is needed for the legal documents, if you wish to turn the decisions reached in mediation into Consent Orders or a financial agreement.