Family Law Property Matters
A standard Family Law Property Matter can usually be divided into the following stages:
1. Financial Disclosure
The parties are required to provide full and frank financial disclosure to each other and exchange various documents. This stage can take from several weeks to several months depending on the parties’ cooperation and compliance with their duty of disclosure.
2. Valuations
It may be necessary to obtain independent joint valuations of various assets in the names of the parties, such as real properties or companies, if there is disagreement between the parties regarding the values of these assets. The parties usually equally share the costs of these valuations or in the alternative, the party who is in a significantly stronger financial position may agree to pay for the valuations in full and be reimbursed for half the costs at settlement.
3. Balance Sheet
Following the exchange of financial disclosure and obtaining the necessary valuations, it is essential to prepare a Joint Balance Sheet. We use efficient practice management systems to generate and share with all parties a detailed balance sheet within minutes of receiving all financial disclosure documents. This enables us to progress the matter quickly to settlement without wasting precious time on administrative tasks for which other firms charge significant fees based on their hourly rate.
4. Offer of Settlement
After the Balance Sheet is completed, one of the parties usually submits an offer of settlement to the other party. Such offer usually entails a detailed explanation of the proposal and why such offer is fair and equatable pursuant to the Family Law Act 1975 bearing in mind the parties contributions and future needs factors. At Surge Legal we will assist you in preparing a suitable settlement proposal within the range of outcomes achievable at Court. If the Offer is Accepted - The agreement can then be formalised by way of obtaining Consent Orders or by executing a Binding Financial Agreement. If the Offer is Rejected - The other party usually submits a counter-offer. If no counter-proposal is made or the counter proposal is not accepted by the other party, the matter will usually proceed to the next stage.
5. Dispute Resolution
The parties are required to take part in dispute resolution before taking the matter to Court. Mediation can be private (usually at a considerable fee) or organised through Legal Aid NSW or by contacting your local Family Relationship Centre. The parties also need to ensure full compliance with the Central Practice Direction and the Pre-Action Procedures set out in the Family Law Rules before any legal proceedings can be commenced.
6. Litigation
If the matter is not resolved after the dispute reposition stage, one of the parties would normally commence legal proceedings and seek appropriate property orders. It is worth noting that the majority of matters at Court eventually settle by consent well before reaching the Final Hearing and only a small proportion of the matters require determination by Judge. Legal proceedings all the way to Final Hearing take usually take between 12 - 24 months, however, complex matters can remain in the Court for a number of years.
Find out more about some essential documents often used in Family Law Property Matters
The vast majority of family law matters resolve by way of obtaining Consent Orders from the Federal Circuit and Family Court of Australia. It normally takes on average around 3 months for a standard family law property matter to be resolved by consent, however more complex matters may require between 6-12 months. The main pre-requisite for Consent Orders is that the agreement reached must be fair and equitable pursuant to the Family Law Act 1975, failing which the Application may be rejected by the Court.
Financial Agreements are an essential tool of property settlement when it comes to resolving the matter quickly and/or on terms outside of what the Court might consider fair and equitable. It should be noted that the starting point in most family law property matters should be to attempt to obtain consent orders. If this is not a suitable option depending on your circumstances, you can then consider executing a binding financial agreement. At Surge Legal we assess your suitability for a Financial Agreement during our initial free consultation..
The parties often negotiate their property settlement issues alongside with child support matters. Although often overlooked and given significantly less attention and priority compared to parenting and property issues, binding child support agreements can frequently be used as invaluable tools in negotiations to achieve the desired outcome in the overall property settlement.
Why Should You Choose SURGE LEGAL For Your Family Law Property Matter?
SURGE stands for
Superior Expertise
Our lawyers have expert knowledge in property matters and wealth of experience in family law, allowing us to provide focused and personalized service to our clients. Our focused knowledge in this area allows us to effectively navigate the complexities of property division and provide tailored solutions to meet our clients' specific needs.
Unwavering Dedication
Being an expert boutique firm allows us to provide unwavering dedication to each case. This dedication ensures that every aspect of your property division process is carefully considered. This attention to detail can be crucial in achieving a fair and equitable distribution of the matrimonial pool.
Responsive Adaptability
At Surge Legal we are more responsive and agile than large city law firms, enabling us to quickly adjust our approach and strategy to better suit the needs of our clients. In family law property matters, where asset valuations and financial situations can evolve rapidly, this adaptability ensures the legal team can effectively address the client's needs.
Greater Empathy
Our focused practice allows us to offer greater empathy and understanding to our clients. In property division matters, which can be emotionally charged and challenging, our lawyers are always sensitive to clients' needs while still advocating for their best interests. At Surge Legal, you can rest assured that your case will be handled with the utmost empathy and care.
Enhanced Communication
At Surge Legal we foster enhanced communication between our solicitors and their clients. With more accessible communication channels and faster response times, clients can stay well-informed about the progress of their property matter. This open and transparent communication is essential in achieving a fair resolution that takes into account the client's financial and emotional well-being.
"... extremely professional and knowledgeable...executed complex legal agreement in a very efficient and timely manner..."
Angus, Sydney
