Protecting your property and financial future

The end of a marriage or de facto relationship often requires decisions about property, debts, superannuation, businesses and ongoing financial responsibilities. There is no automatic equal division of property; the appropriate outcome depends on the parties' circumstances and evidence.

Summit Lawyers assists with negotiated settlements, consent orders, Binding Financial Agreements, spousal maintenance and contested financial proceedings.

Identifying and Dividing Property

The property pool may include homes and investment properties, bank accounts, shares, companies, trusts, vehicles, superannuation, cryptocurrency, overseas assets and all relevant loans or liabilities, regardless of whose name they are held in.

A settlement may take account of each party's legal and equitable interests, financial and non-financial contributions, homemaking and parenting contributions, current and future circumstances, care of children and whether the proposed outcome is just and equitable.

Financial Disclosure and Valuation

Each party must provide full and frank disclosure of their financial circumstances. This may require bank and superannuation statements, tax and employment records, property documents, company and trust records, loan statements and evidence of overseas or digital assets.

The duty continues during negotiations and Court proceedings. Accountants or valuers may be engaged where specialist assessment is required. A matter may then be resolved through negotiation or mediation and documented by consent orders or a Binding Financial Agreement, or determined by the Court if agreement cannot be reached.

Binding Financial Agreements

A Binding Financial Agreement is a private agreement under the Family Law Act 1975 that may deal with property, financial resources and, in some circumstances, spousal maintenance. It may be made before, during or after a marriage or de facto relationship.

They can be useful where a party has significant pre-existing assets, a business or trust interest, children from an earlier relationship, an expected inheritance or a strong need for certainty. Each party must receive independent legal advice from a separate lawyer before signing.

Spousal Maintenance and Complex Matters

Spousal maintenance is separate from property division and may arise where one party cannot adequately support themselves and the other has capacity to assist. We also act in matters involving businesses, trusts, family loans, inheritances, hidden or overseas assets, superannuation splitting and urgent asset-preservation orders.

Important Time Limits

Married parties generally must commence property or spousal maintenance proceedings within 12 months after a divorce becomes final. De facto parties generally must apply within two years after the relationship breaks down. Court permission is usually required to apply outside these periods.

How We Can Help

◆ Identifying and valuing assets, liabilities and financial resources

◆ Obtaining and reviewing financial disclosure

◆ Negotiating settlements and preparing consent orders

◆ Preparing or reviewing Binding Financial Agreements

◆ Acting in complex, maintenance or contested financial matters