Resolving Your Matrimonial Property Settlement

Resolving Your Matrimonial Property Settlement – It can be easier than you think!

Susan and Graham have been married for 11 years and have two children who are 7 and 5 years of age.

Sadly, their marriage comes apart and they separate.

Susan has the primary care of the children after they separate and works part-time, therefore earning a smaller income than Graham.

Susan and Graham own a home with a mortgage. They also both have some superannuation, minimal savings and a car each.

They both had some assets at the commencement of their relationship and they both accept that during the relationship there has been an equal contribution by them to acquiring, preserving and improving those joint assets.

Even though Graham was the greater wage earner of the couple, Susan was the primary carer of the children, and her indirect non-financial contribution in this regard together with her earnings from part-time employment is counted as an equal contribution towards the acquisition, conservation and improvement of their assets.

Susan and Graham each consult with their own solicitor to negotiate a property settlement and it is ultimately agreed that Susan should receive 65% of the total asset pool because of her far inferior financial position in terms of her income and her role as a major carer of the children.

A Minute of Draft Consent Orders are completed by one party’s lawyer (which includes a mechanism for the sale of the house) along with an Application for Consent Orders for filing either in the Family Court of Australia or the local Magistrates Court exercising its federal jurisdiction without the need for any party or their lawyer to appear. The court usually makes the orders without any difficulties and the process is relatively quick and cost effective.

Susan and Graham are able to make their own arrangements relating to the children and the time that they spend with each of them.

 

Family Law Centre - Blog Signature - Lesley Powell