Any couple wishing to divorce will require some formal documentation in order to finalise a property settlement.
As long as the couple are communicative and willing to resolve their issues they can be addressed in one of two ways.
A consent order is a written agreement approved by a court. A consent order can cover parenting arrangements for children (a ‘parenting order’) as well as financial arrangements such as transfer and sale of the property and spousal maintenance.
The court must be satisfied that the orders are properly drafted and that the terms of the agreement are “just and equitable”, before it will approve them.
Provided for under the Family Law Act 1975, Section 90D refers to Financial Agreements (FA) after the dissolution of marriage or divorce.
Like other FAs, section 90D focuses on the division of financial resources of both parties and maintenance of either party after the couple has divorced.
This means that all details within FA are confidential between the parties whilst the information on consent orders are available on public record
If no agreement can be reached between the parties then an application for property orders must be submitted to either the Family Court or the Federal Magistrates Court.
An application must usually be made within 12 months of your divorce becoming final. The decision is then made through a court hearing.
Financial agreements 90D ( Divorce Settlement Agreement ) negate the need for the couple to enter court proceedings, reducing the risk of extended litigation and providing certainty of outcome.
Settling your affairs within the framework of a financial agreement allows keeping all your private information off the public record.
A Financial Agreement ( divorce settlement ) allows you to decide how to divide joint financial resources outside the court system between yourselves, reducing your legal costs and the stresses associated with protracted litigation.
This template provides the framework for a compliant property settlement contract that will save you hundreds and possibly thousands of dollars.