When a marriage or any formal relationship ends, both the parties involved in a marriage are required to finalize their financial matters with each other. For example, if there is a joint property in the name of both the parties and if both of them agree to sell the property the proceeds should be divided equally. Alternatively the parties must also agree that if one of them would keep the house they make a cash payment or some other type of payment to the other party in order to buy out their interest.
If both the parties have reached a kind of agreement it is important that they should formalize it with the help of Brisbane family lawyers. There are two ways of writ of recording property settlement, one is by signing a consent order and another one is by getting into a binding financial agreement.
In the first option which is a consent order, both the parties sign an agreement which is then presented to the court by their respective Brisbane family lawyers for analysis. The court register then analyses the order to ensure that it is just and equitable and then the parties are free to sign it.
In the second option which is a binding financial agreement between parties, where the rule of the court is not mandatory unlike a consent order.
It is important to formalize your property settlement because both a consent order and a binding financial agreement are legally binding, which basically means that if a party breaches it the other party can consult their Brisbane family lawyers and approach the court to enforce compliance with the agreement.
A property settlement is also important to finalize your financial relationship with your former partner, which basically means that you are and your former partner cannot make any further claims in regard to the property against you.
It is important to have a property settlement from your partner after you decide to separate because after your separation, if you acquire a new asset or improve the value of a pre existing asset prior to separation but leave the property settlement incomplete when it becomes a part of the property pool which should be split between you and your former partner. Alternatively if you or your ex partner decides to sell of any assets or wastes your money from the property pool post separation, the property pool is reduced there by reducing your entitlements. The court under any circumstances cannot deal with the said assets that no longer exist.
Therefore it is very beneficial in your interest to formalize your property settlement as soon as possible so that you can re-establish your financial position without worrying about any potential property settlement application hanging over your head.
Newwaylawyers.com.au is a law firm who employ the services of some of the best Brisbane family lawyers in Australia who has been assisting couple in all types of divorce proceedings including property negotiation and custody battles.