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  • Writer's pictureTemara Willis

Financial Settlement With Your Ex-Partner. What You Need to Know!

Updated: Dec 30, 2023

A Monopoly board, symbolising the strategic process of property settlement discussed in the blog post. Navigating your options for a just and equitable division of assets post-separation.

A 'Property settlement' or 'Financial settlement' marks the pivotal process of distributing assets and liabilities between you and your ex-partner. This encompasses a wide range of elements, from cars, furniture, and jewellery to shares, credit card debts, money, and superannuation. Regardless of the asset's ownership, the settlement process is crucial for a just and equitable distribution.


Methods of Settlement


Mutual Agreement


Achieving a settlement through mutual agreement involves both parties deciding on the division of assets without external involvement. This option works well when there's consensus between you and your ex-partner.


Mediation


Mediation becomes an effective option when mutual agreement is elusive. In this scenario, an external professional, a mediator, supports both parties in a balanced and unbiased manner, facilitating constructive discussions on property division.


Lawyers


Seeking legal advice is beneficial, especially when mediation requires legal insights or when communication with your ex-partner breaks down. Lawyers guide you on entitlements and can be instrumental before, during, or after mediation.


Family Law Court


The Family Law Court is a last resort, accessible only when mediation or legal avenues prove unsuccessful. It is a time-consuming and costly process, typically reserved for cases where other resolution methods fail.


Legal Binding of Settlements


Ensuring your property settlement is legally binding is paramount to safeguarding your interests and preventing future disputes. Legally binding agreements, such as Binding Financial Agreements, Consent Orders, or Court Orders, provide a structured and recognised framework for the division of assets and liabilities. Adelaide Family Mediation emphasises the importance of legally binding agreements to offer individuals a robust and reliable foundation for moving forward after separation, ensuring peace of mind and long-term security.


Binding Financial Agreement


Prepared by a family lawyer, this agreement requires both parties to obtain independent legal advice on its terms. It's a valuable option if you wish to settle assets outside the Family Court.


Consent Order


When an agreement is reached, submitting it to the Family Court for endorsement as a Consent Order is an option. The court ensures the settlement is deemed 'just and equitable' before sealing the order.


Court Order


Issued by a judge after a court hearing or trial, a Court Order concludes the settlement. It is a time-consuming process usually avoided, as most cases settle before reaching this stage.


For support in mediating a settlement agreement, consider contacting Adelaide Family Mediation. Our expertise lies in facilitating equitable and constructive discussions, ensuring a smooth and informed resolution process. 


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