What is Property Settlement?
Property Settlement is an arrangement made between two individuals to divide assets and liabilities. Property Settlement is used in the event of in the event of a divorce or separation. Property settlement includes the division of family home, bank accounts, businesses, investments, superannuation and debts. Property settlement can be agreed on without going to court, which is recommended as court is costly and time consuming.
What does Property Settlement require?
There are two strategies CG Legal Group can provide you with depending on your unique situation. This can be by way of a Binding Financial Agreement or by Consent Orders.
A Binding Financial Agreement (BFA) is a private agreement that allows you and your spouse to deal with financial and property matters in the event of a relationship breakdown. It requires independent legal advice but no court intervention. In fact, a BFA, if done correctly, will usually prevent either party to the relationship from later initiating court proceedings.
Consent Orders are formalised orders by the court which has an overriding duty in determining whether the division of property is fair and equitable. Consent Orders provide you with the certainty that the Court has assessed your situation and has provided an outcome that it deems to be fair, even when the parties themselves cannot agree.
CG Legal Group can assist with finalising your property settlement either before, during or after separation or upon divorce.