FAMILY COURT ORDERS - FINALISING AND RECORDING FINANCIAL AGREEMENTS
-
In all disputes relating to the breakdown of your relationship, it is extremely important once a resolution is reached that the terms of that resolution are recorded in writing and approved by the Court.
-
In matrimonial disputes, there are two (2) major ways in which an agreement can be recorded:
Consent Orders
-
This is a typed written Order, which is signed by you and your partner and then lodged with the Family Court.
-
The Order contains express terms upon which you and your partner have agreed.
-
The Consent Orders can deal with all issues in dispute in the Family Court including property settlement, spousal maintenance and all parenting orders.
-
An Application to approve the Consent Orders (being a Form 11 Application) must also be completed by both spouses and signed. This Application contains details of both spouses income, assets, liabilities and financial resources. This Application must be lodged with the actual signed Minutes of Consent Orders for the Orders to be made.
-
Once the Order is signed and lodged in the Family Court, it is then considered by the Court and usually approved, stamped and issued within three (3) to four (4) weeks of filing.
Binding Financial Agreements
-
Refer to Information Sheet entitled “ Pre-Nuptial and Binding Financial Agreements – Important Facts you Need to Know ”.
-
A Binding Financial Agreement could also be entered into after a relationship is finished and be used as a means to document the actual division of assets after the separation of spouses.
-
The Binding Financial Agreement is a complex and detailed agreement reduced to writing and signed by the parties which satisfies certain requirements of the Family Law Act to ensure that the agreement is binding upon both parties and records a final agreement by way of property settlement.
-
We are able to provide you with more specific advice in the particular circumstances of your case as to whether a Binding Financial Agreement is advisable to record the division of your assets with your spouse upon the breakdown of your relationship.
-
It is important to remember that unless you have a property settlement order made by the Court, a Consent Order or a Binding Financial Agreement, then the issue of property settlement between you and your partner may still be “ still alive ” and either of you can still institute proceedings in Court.
-
For example, you and your partner may have separated and agreed to transfer and keep certain property. You may have agreed on an amicable basis however, if you haven't divorced and several years down the track circumstances change, then either yourself or your partner may file proceedings in the Court and the Court will examine and look at the current property of both you and your partner at that time.
-
It is therefore very important to have your agreement properly recorded and approved by the Court.
Pre-nuptial Agreements
- Refer Information Sheet entitled “ Pre-Nuptial and Binding Financial Agreements – Important Facts you Need to Know ” and also refer to Information Sheet entitled “ Defacto Relationships in Queensland , Australia – Cohabitation Agreements ”.
-
Last updated 15 Feb 2008
Top of Page
Thanks so much for helping me out in this matter and I will definitely recommend your company to other people as one hears of other people who need your assistance.
Thanks again
Este
