July 27, 2022

Do we actually need lawyers to finalise our property settlement?

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Often separating parties don’t like going to lawyers for various reasons – some may not want to rock the boat, some don’t want to waste money unnecessarily. Or for some, it's simply just too daunting or overwhelming.

While it’s not compulsory for parties to engage lawyers to finalise their property settlement, there are many benefits to doing so. Here are just a few benefits:

  • A competent family lawyer will be able to advise you on your rights and entitlements under the law. Under the law, your agreement may be unfair for one party.
  • An experienced family lawyer can assist you in drafting a legally-binding property settlement to not only ensure that you receive a fair split, but are protected into the future. Without a legally-binding property settlement, it’s as if you haven’t had one at all. Your ex-spouse could make a claim against any assets you accumulate in the future, and can even bring his or her future debts into the equation.
  • An expert family lawyer will be able to help you select and draft the type of document that is best suited to your settlement terms. There are two ways of legally-documenting your property settlement – Consent Orders and a Binding Financial Agreement. They each have their pros and cons. For example, on one hand, there are more ways a Binding Financial Agreement can be set aside, making them riskier than Consent Orders. On the other hand, there are some settlement terms that you would only be able to document via a Binding Financial Agreement but not Consent Orders.
  • An experienced family lawyer can help you avoid pitfalls and things you may not have thought about in the separation process. There may be adverse tax consequences of transferring property or assets, especially without a legally-binding settlement document. You may not have adequately protected yourself from a property, asset or spousal maintenance claim in the future.

Going to a lawyer doesn’t mean that you want to fight your ex-spouse for more. At Oikos Family Law, we pride ourselves on realistically advising clients on their rights and entitlements and reaching an equitable resolution promptly. We also understand that for many, taking the step to see a lawyer can be very daunting in what’s already an overwhelming and stressful situation. We walk with you each step of the way and provide objective, yet empathetic counsel and advice.

To gain that clarity and assurance amidst your separation, contact one of our experienced and empathetic family lawyers in Doncaster and the Eastern suburbs on jlok@oikosfamilylaw.com.au or on 0421 397 316.

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