How To Split Property When The Binding Financial Agreement Is Not Made?

October 22, 2019    propertysettlementlawyersperthwa
How To Split Property When The Binding Financial Agreement Is Not Made?

When a marriage or a de facto relationship goes through difficult times, then there are many problems related to the property or fixed deposits or investments arises which can be made easier if both the parties agree to negotiate their assets equally between them with the help of property settlement lawyers Perth. It is a good thing when people try settle among themselves without the help of lawyers but during this process a lot of time is wasted. So if you approach the lawyer they will help you out with the best possible solution to divide your assets equally between the partners.

About Binding Financial Agreement

A binding financial agreement is a contract that is made between couples or between two parties when they decide to end their relationship and how the asset will be divided in this situation. To have a proper binding agreement, the parties need to make a contract in an approved form explaining all the necessary details that are required to take a decision and approach the Property division lawyer Perth.

Process of making your property settled legally after the binding agreement is made

  • First is to approach a lawyer and apply in family court of Australia.

  • Second is to enter into a binding financial agreement with the help of the lawyers of Perth.

Process of making of Binding Financial Agreement

  • The lawyers will then go make the contract and approach the court. If the contract gets accepted, then the court will sign and seal the orders and will give it to the lawyers and if the court is not satisfied with the drafting of the contract, then the court will return it and will tell the party to follow the changes that are required.

  • So it is necessary to make a contract with the help of lawyers who has an experience in the family law who will help you in getting your contract accepted.

  • There are certain laws for binding financial agreement which need to be achieved otherwise the court have the power to overturn a contract that does not meet the specifications.

  • The contract is drawn by a legal authority speaking to one or two parties who must get information for t understanding and have a legal authority to sign the document affirming that they have offered that guidance and that the necessities of the Act has been met.

  • In many cases situation as such arises while the other party is not satisfied with the contract as the first party has not explained all the details of the assets.

  • At that time they can approach the property settlement lawyers, who will overturn the contract and disclose the financial asset that the party has failed to include in it.

Benefits of the Lawyers in making a contract

When the agreement is legally finalised, it provides finality and certainty. It will also help you to protect the assets that you have acquired after separation. There are other advantages also which include capital gain tax advances and stamp duty.

Making a payment of a mortgage after separation

Often after separation, the question arises that who will bear the expenses which is registered in joint names of both the parties. At that time, both of them are equally responsible for the expenses of the mortgage. If the payment is not made at the specified time then the bank will sell the property after the mortgage is declared as default.

Time limit for commencing property proceeding

  • In a de facto relationship, parties can commence court proceedings after two years of their separation.

  • For a married couple, they can approach for the property proceeding with in twelve months after the date of the divorce is granted.

  • If any couple is not divorced, they are not restricted to any time limitations.

Calculating a Property settlement

While considering a property settlement after the separation, then the assumption should be 50/50 split fair.

  • Firstly, the assets of the person need to be carefully valued. The method becomes complicated when there is business or family trusts or any other fund is associated.

  • Secondly, each of the parties needs to be equally given importance while considering the division of the assets.

  • Thirdly, the calculation should also include the expenses that are required for the future need of each person which include taking care of the child, health care expenses, etc.

At last the final division should be the one which includes fair division of the asset for both the parties.

Choosing the best lawyer for Property Settlement

  • Research about the property lawyer at the earliest: Make sure you research about the property lawyer and choose the best one who can evaluate your case effectively. Go and make some appointments and visit the lawyer which will help you to decide who will be the best one among them for you.

  • Expert advice: Always try to get in touch with the expert who practises predominantly in a family law who will advice you with the best possible solution.

  • Have some information: Go and check the previous cases that the lawyer has solved earlier. Try to get in touch with them so that you have clear information that they are best to solve your case or not.

  • Meeting your lawyer: After you have fixed your lawyer, then you should go and meet him or her and discuss all the topics that are necessary for the lawyer to know.

  • Expenses: At the end of the matter, you need to ask for the expenses that you need to pay the lawyer once the final result will arrive. It is necessary that you discuss about the fees in the first meeting itself. An ethical lawyer will be clear about the expenses that are incurred during the procedure.

However don’t choose someone based on only the cost he or she is charging. Determine all the factors before choosing the best lawyer in Perth available in the country.

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