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Understanding Australia’s no-fault divorce

Understanding Australia’s no-fault divorce

So, you have now reached a property settlement with your spouse as to how to divide your assets.  What happens next?

The first step may be to consult with Watts McCray, who are family law specialists in that area of law.  Watts McCray can provide you with legal advice on your proposed settlement and give guidance as to how best to document your agreement.  Agreements can be documented by way of filing with Consent Orders with the Court which are binding upon both parties.  Alternatively, another way to document your agreement is by way of a "Financial Agreement", which is a private agreement which ousts the jurisdiction of the Court from making a determination in relation to your assets and is simply a matter between you and your spouse.

In the unfortunate event that you and your spouse are unable to come to an agreement as to how to divide your assets, you may need to consider filing an Application with the Court and seeking Orders from the Court as to how assets are to be divided between you.

Once your agreement has been documented, either by way of Court Orders or by way of a signed Financial Agreement, the next stage of your matter is for implementation to take place to give effect to the Orders or to the Agreement reached with your spouse.  This stage can include transfer of properties, sale of properties and businesses, splitting of superannuation funds, transfer of shares portfolios or other assets and division of bank accounts and the like.  All of these options will require some form of documentation to be signed by parties to give effect to the agreement reached between them, or Orders made by the Court.

Our Commercial Department can assist you with implementation of Orders or Agreements on behalf of parties once this has taken place.  Watts McCray understand that by now you may have spent a considerable amount of money on your family law matter and may be hesitant to spend further funds and wish to "shop around" for cheaper options when it comes to their Commercial needs.  Many people do not realise that Watts McCray offer very competitive rates on conveyancing matters, on the sale and purchase of businesses, leasing, preparation of Wills, applying for Probate or Letters of Administration and of course, the implementation of family law Orders and Agreements.

You do not need to have been involved in family law proceedings or be experiencing family law issues to receive the benefit of our Commercial services.  Watts McCray's Commercial Department have experienced lawyers ready to assist you with all of your needs. We believe you will be pleasantly surprised at the costs associated with those transactions.  Our Commercial Department comprises of Greg McCray, Genevieve McCray and Roslyn McMullen who would be more than happy to assist you with any of your Commercial transactions.

 

This BLOG was written by Marika Arban

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