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Sent this query earlier but no response. What I need is advice

Resolved Question:

Sent this query earlier but no response. What I need is advice on how my wife and I formally record our agreed distribution of our assets following our separation. This is only property and other assets and there are no children involved
Submitted: 1 year ago.
Category: Australia Law
Expert:  replied 1 year ago.
Hello and thank you for your question.

If you aren't fussed about whether you have a legally binding agreement but just want to have a record of how you agreed to distribute your assets then there is no specific requirement as to how you record it, and you could simply have a document simply stating exactly who gets what. Whilst if challenged this document could be set aside by a court, it at least forms a starting point in any future dispute.

If you want a legally binding document then the Family Law Act expressly requires you to do so with the advice and assistance of a lawyer and both parties need to be independently advised. The requirements for a binding agreement, called a binding financial agreement are set out here:

http://www.austlii.edu.au/au/legis/cth/consol_act/fla1975114/s90g.html

Essentially to have a legally binding agreement you need to engage a lawyer to draft it for you. The only other option, is for you to draft you to draft your own informal agreement and then apply to the court for the court to endorse it (in which case the settlement effectively becomes a court order and is then legally effective. The court however, will only do so if it is satisfied that the proposed settlement is reasonable and there are significant costs associated with such an application so it may not be a better option for you.

You can find out about making an application to the court here:

http://www.federalcircuitcourt.gov.au/services/html/family.html

Otherwise you will need to engage a family lawyer.

I trust the above assists.

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Thank you and good luck.

Patrick

Patrick H., Lawyer
Category: Australia Law
Satisfied Customers: 4625
Experience: Dip Law LPAB - Sydney based lawyer
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Expert:  Patrick H. replied 1 year ago.
I note that you have not rated my answer.

I have tried to assist you and it appears I have answered your question comprehensively. It is only fair that you now rate my answer so that I can be paid, by Just Answer, for my time and effort. I am only paid if you rate my answer positively.

Please note it is the website operator that pays me out of the funds you previously paid. It costs you nothing extra to rate my answer.

Thanks in advance,

Patrick.

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