Relationship Property

When couples separate, one of the most significant issues to address is the division of assets and relationship property. The law around the division of property upon separation can be complex and challenging to navigate.

This difficult time can be more manageable with expert advice from an experienced relationship property lawyer to guide you through the process.

Obtain Legal Advice Early

Obtaining legal advice at the earliest possible stage will ensure matters are handled in the right way. This not only includes understanding your legal position but also dealing with the most pressing issues first. It will allow matters to be handled in a way that is going to achieve the best outcome for you.

It is important to understand your rights and obligations as early in the process as possible. This allows you to make informed decisions. Whether you are contemplating separation, have recently separated or have been separated for some time, legal advice is key at any stage. Great guidance will arm you with the knowledge you need to do what is right for you.

Urgent Issues

There may be urgent issues that need to be addressed immediately. This can include who lives in the relationship home and/or ongoing financial support. Get advice about how to deal with these pressing issues to ensure matters are resolved as swiftly as possible.

Complex Issues

There are often complex legal issues that require the assistance of an expert accountant. This includes the valuation of a business or calculating compensation for a difference in incomes (known as economic disparity).

An economic disparity claim most commonly arises when one spouse or partner has stopped working to care for children whilst the other has continued in full-time employment. Compensation for economic disparity means the disadvantaged spouse or partner is effectively entitled to more than half of the relationship property pool, but the amount they receive is negotiable.

Court Proceedings

Most of the time, the division of relationship property can be finalised without needing to file court proceedings. There are different ways to negotiate an out-of-court settlement. This can include negotiation between lawyers or attending mediation.

If matters cannot be resolved through these alternative dispute resolution methods, then court proceedings may become necessary. This process can be streamlined with the assistance of an experienced family law expert.

Accurate Recording of the Agreements Reached

If an agreement is reached as to the division of relationship property, the terms need to be recorded accurately in a relationship property agreement. Each party to the relationship property agreement needs to receive independent legal advice. This will cover what their legal entitlement is compared to the terms of the agreement, and each party’s lawyer needs to certify the agreement. These are legal requirements that must be adhered to in order to have a valid relationship property agreement.

A private agreement between spouses or partners not conducted in the proper form will not likely meet the legal requirements of a valid agreement. This can render private agreements unenforceable and jeopardise a spouse or a partner’s current or future assets regardless of any agreements reached previously.

This is why it is important to obtain legal advice to ensure the proper processes are followed and assets are secured legally.