Every Marriage that Ends Needs a Formal Property Settlement

A marriage that leads to divorce does not necessarily have a resentful ending. Similarly, separated de facto couples do not automatically harness bitter feelings toward each other. Some relationships end on an amicable note and the couple agreeably decides on who gets what of the previously conjugal property.

Just because divorced or separated partners do not argue about property distribution, however, doesn’t mean that they should no longer formalise it. They still need a legal property settlement.

Recognition by the Family Law Act

Legal professionals from Nyst Legal urge the parties involved to seek a formal property settlement after they have ended their marriage or their de facto relationship. According to these legal professionals, it is advisable to formalise the property settlement even in the absence of dispute.

Such settlement is important because the Family Law Act does not recognise informal agreements. Besides, the property rights and claims that an amicably divorced or separated couple may have settled on of their own accord may not be in line with the law. A few years down the road, they may find themselves in a complicated legal situation if they do not undergo a formal process.

Mutual Agreement of Settlement

After divorce or separation, both parties have their respective interests. A mutual agreement about who gets what makes the process easier. The parties involved can divide the property harmoniously and both be satisfied with the outcome.

Nevertheless, they need to formalise the agreement through a formal order of the Family Court of Australia. A court order will legally settle all relevant matters and dispose of the couple’s mutual financial interests. As such, it will make sure that the divorced or separated couple no longer has to deal with related litigation or financial exposure in the future.

You may have split harmoniously with your partner, but dividing your joint property requires a legal process, nonetheless. Talk to your lawyer about it to avoid any legal inconveniences a few years from now.