Parties can enter into a financial agreement:

1. Prior to cohabitation;
2. Prior to marriage;
3. During cohabitation, or marriage;
4. After separation;
5. After divorce.

In the absence of a financial agreement entered into prior to separation, the parties are entitled to effect a division of property through a financial settlement. This involves dividing the assets of the relationship and dealing with any debts and liabilities.

In every financial settlement there is an obligation upon each party to make full and frank disclosure of their financial circumstances. Financial disclosure involves each party verifying their financial circumstances with the production of personal and business financial documents. Assets that must be disclosed includes all assets that a party has an interest in.  Assets contained within an inheritance,  company or a trust must be disclosed.

It is a better scenario that parties achieve a settlement without court intervention. If a settlement can be negotiated, it needs to be made legally binding. Prior to entering into a financial settlement it is important to seek independent legal advice. At Kaberry Family Law, we can provide you with advice as to your likely outcome and can assist you to work out a plan that is appropriate to your individual needs.

We have extensive experience in dealing with all aspects of a families’ finances including property ownership, superannuation, companies, partnerships and family trusts.

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