Tag: property settlement agreement

A Consent Order is a quickest and most cost-effective way to formalise an amicable property settlement agreement. If you and your former partner are able to reach an agreement as to how the property of the relationship is to be divided and, if that agreement is just and equitable, Consent Orders may be entered into. Consent Orders involve the filing of 2 separate documents, namely an Application for Consent Order (containing background information, the value of assets and liabilities, information regarding...

Divorce property settlement examples Australia: Following the recent separation of billionaires Bill and Melinda Gates after 27 years of marriage, it has been reported that the couple chose to separate amicably and to privately negotiate their property settlement outside of the Court and public eye.  Upon the breakdown of a marriage or de facto relationship, parties can either negotiate and formalise a property settlement agreement privately (either by way of Consent Orders or a Binding Financial Agreement) or they can...

What Are You Worth in Your Property Settlement? That is (sometimes) the million-dollar question. In determining what a client is worth in a property settlement, we (and the Court) utilise a 4 step process. The 1st step is to determine the value of the net asset pool that is available for division between the parties. This includes adding up the value of all the assets (whether in one party’s name or joint names), taking away all the liabilities and then...

Property Valuation in Family Law Proceedings Commonly when two parties separate or divorce, the family home (also referred to as the matrimonial home) is typically the most valuable asset. As with most separations, one party moves out of the matrimonial home following the breakdown of the relationship, leaving questions of how much the house is worth? and which party owns it? Assets such as real property, which are generally the most fought over, require an updated valuation so the Court...

Sentimental Value in Property Settlement In determining how the property pool is split, the Court has previously highlighted the difficult and sometimes unique circumstances where one party may have sentimental value in an asset. In one particular case, the Husband of the proceedings was given 14 days to retrieve the ashes of his deceased parents which had been laid in a memorial on the family farm. During the divorce proceedings, the farm had been awarded to the wife. Sentimental Value...

Divorce and pets: Who Gets Animals in Divorce Proceedings? As animals have become an integral part of modern relationships, it is important to understand what happens to your pets during the separation and divorce proceedings. Given that one or both parties may have special connections to their pets, the decision of who gets the primary care of the animal can sometimes be tense and lead to hostile situations. Some of the situations regarding Animals During Divorce Proceedings that commonly arise...

Firstly, what is a property settlement? When it comes to property settlement, Put simply, the division of assets when a relationship breaks down, enabling both parties to sever financial and material ties with one another so they can better move on with their lives, requires a property settlement. A property settlement will also include the distribution of liabilities, such as unpaid loans and credit card debt. Some confuse a property settlement with who gets the house, but there’s more to it than...