With one in three marriages ultimately ending in a divorce, and de facto relationships tending to follow this pattern, it is unsurprising that most of us will have a friend or family member who has already gone through a separation. Whilst you may lean on these family members or friends for support during your separation, you may want to consider handling your property settlement a little differently than they may have and save yourself a lot of money on legal fees in the process.
The number one way to do this is to avoid an argumentative mentality and instead focus on honest, good faith negotiations with your former partner. It also helps to educate yourself on the process and approach the Courts generally take when deciding what an appropriate and fair division of your property pool may be.
In order to negotiate with your former partner to reach an agreement, you first need to decide on the right method of negotiation. You could consider one of the following options:
- Meeting with your former partner over coffee to sit down and have a face to face discussion about what is going to happen with your settlement, including all assets, liabilities and superannuation entitlements that you hold jointly and separately;
- Utilising a mediation service, such as a community Family Dispute Resolution or private mediation service, where a qualified mediator can help you and your former partner discuss and negotiate the settlement; or
- Engaging with a collaborative legal practice which involves lawyers assisting the negotiation process; or,
- a lawyer to conduct written negotiations with your former partner.
Once you have reached an agreement with your former partner on how to divide the assets, liabilities and superannuation entitlements of the relationship, you can then make your agreement legally binding in a Binding Financial Agreement or Consent Minutes of Order. Both documents are accepted by the Family Courts as a written, legal record of your settlement and importantly save you both from having to go through the Court process where a Judge will ultimately decide what is appropriate.
There are also key time limitations for both married and de facto relationships following separation which must be adhered to.
eDivorce diy guide to property settlements for married and de facto couples eGuide
If you are interested in finding out more information on how to reach an agreement with your former partner, our Property Settlement eGuide provides you with clear, easy to read step-by-step instructions on how to negotiate, what to consider and how to finalise your agreement.
Click here to find out more.
eDivorce Property Settlement Application kit
Once you have reached your agreement, or simply wish to save yourself some money and purchase our discounted bundle package, your completed property settlement application kit can easily be done online. Once completed online, you will be able to download a personalised Application for Consent Orders and Consent Minutes of Order which can be submitted to the Family Court to make your property settlement final and legally binding.
Click here to find out more.
We hope you enjoyed today’s blog
The eDivorce team
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