Services
Financial Separation
Financial separation under the Family Law Act allows separating or divorcing couples to resolve financial matters in a fair and legal way, ensuring both parties receive a just share of assets and responsibilities. The process involves negotiation, with the possibility of reaching an agreement through consent orders or, if necessary, going to court.
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Key Points for separating couples to Understand:
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Four Guiding Principles:
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Fairness: Financial arrangements should be fair, just and equitable, considering each party’s contributions (both financial and non-financial) and future needs.
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Future Needs: Focuses on the long-term financial stability of both parties, taking into account factors like age, health, and care responsibilities (e.g., for children).
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Contributions: Recognises both direct and indirect contributions made during the relationship (e.g., earning income, homemaking, child-rearing).
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Earning Capacity: The financial resources each party can access in the future, including their ability to work and earn, plays a role in determining a fair settlement.
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Consent Orders:
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A legally binding agreement between both parties that is filed with the court, making it enforceable. These orders are typically the result of mediation or negotiation.
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Asset Division: Includes both physical assets (e.g., homes, vehicles) and financial assets (e.g., superannuation, debts). The goal is a just and equitable distribution based on the specific circumstances of each case.
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Spousal Maintenance: In some cases, one party may be required to provide financial support to the other if they have a demonstrated need (such as financial hardship or inability to support themselves).
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Time Limits: Applications for financial orders must be made within 12 months of a divorce or 2 years after the separation for de facto couples.
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Court Intervention: If an agreement cannot be reached, either party can seek orders from the Family Court, which will make a decision based on fairness and the needs of all involved.
We assist with financial separation mediation to help establish fair financial arrangements that prioritise the well-being of the children and support the family's future stability. Our goal is to help parents navigate this challenging transition with empathy and practical solutions to build a positive co-parenting relationship.
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Putting Together Consent Orders for Financial Separation
Consent orders provide a legally binding solution for separating couples to finalise their financial arrangements. After negotiating a fair division of assets and responsibilities, couples can formalise their agreement through consent orders, which are filed with the Family Court for approval. This process helps ensure that both parties' financial matters are resolved equitably, offering clarity and security for the future while avoiding the need for lengthy court proceedings.
