Working out the best way to divide property you own with your former spouse can be very difficult and daunting. It is not as simple as selling off assets and each party retaining a certain portion of the sale proceeds. It is imperative to get the right legal advice to achieve a formal property settlement in accordance with the Family Law Act.
A formal property settlement drafted and completed in accordance with the Family Law Act will legally sever your financial relationship with your former spouse. A property settlement is different to divorce.
A property settlement completed in accordance with the Family Law Act aims to prevent any future or further claims being made against you by a former spouse and anything you acquire following a formal property settlement prepared in accordance with the Family Law Act will be protected.
If you separate or become divorced and do not formally divide your assets in accordance with the Family Law Act your former spouse can make a Court Application seeking a division of property at some point in time in the future.
It is extremely important if you have separated to contact a Family Lawyer at Hansons Lawyers without delay. Make an Appointment to see either our Partners Jeff David or Hayley Williams, or our experienced Solicitor, Shae Mitchell for a confidential discussion about your Family Law matter.