Dividing the assets after separation

To some people, dividing assets after separation simply means transferring cash and property between each other on a handshake. However, this does not satisfy section 81 of the Family Law Act 1975 (Cth) because these types of agreements:

1. do not finalise the financial relationship between parties; and
2. do not prevent further litigation.

It is important to obtain Family Court orders to formalise a property settlement. The parties can obtain Court orders through litigation or by consent (agreement).

Advantages of Family Court Orders

Once a property settlement is formalised by way of Family Court orders, the parties will enjoy the following benefits:

1. certainty as to their property rights;