Family Dispute Resolution
Financial and Property Settlement
At Bendigo Mediation, our approach is to assist you to reach a financial settlement quickly, efficiently and effectively.
We understand how stressful and emotionally draining a drawn-out process can be, we aim to alleviate that stress and burden.
Financial and Property settlements do not have to be drawn out and expensive processes only between lawyers or in court. Family Dispute Resolution can help you to reach a financial settlement that is a fraction of the cost and time of going to court. This saves you money and time with less stress and unnecessary conflict.
The financial settlement starts with collating a complete picture of your assets and liabilities, as well as helping you decide what your goals are for the future.
Together we then figure out how to best divide those assets with the aim of achieving your goals.
We provide comprehensive overviews of how financial and non-financial contributions are assessed as specified by the Family Law Act 1975.
The 4 step approach
The process involves a 4-step approach when assisting couples to negotiate and make agreements for a property settlement.
1. Establish the Asset Pool
What are the assets, financial resources and liabilities of the parties and what is the value of each item?
2. Contributions
What Contributions Were Made During The Relationship.? This includes financial and non-financial contributions.
3. Future Needs
What are the future needs of each party? The asset pool is divided with future needs taken into consideration.
4. Fair and Equitable
Based on all information are these decisions fair and equitable to both parties?
At Bendigo Mediation we use a software program called Family Property.
From intake to balance sheet, disclosure to settlement, FamilyProperty makes it easy to manage financial separations.
Family Property brings both parties assets and liabilities into an interactive neutral balance sheet that displays what’s in agreement and what’s in dispute.
Frequently Asked Questions
What happens if my ex partner doesn’t disclose all assets?
Under the Family Law Act 1975 you must disclose all assets and liabilities, even assets that are not in your private name but which you are a beneficiary of. That means companies that you are a shareholder of and trusts that you are a beneficiary of. You must also disclose recent disposals of property or other assets.
This is called Full and Frank Disclosure or Duty of Disclosure. Click on the link to find out more about Duty of Disclosure.
Are the agreements legally binding?
Not yet. Once agreements have been reached, the Mediator will provide both parties with the Heads of Agreement, Balance Sheets and a Draft for Consent Orders. There are two ways to make your agreements legally binding. You can either apply to the court for Consent Orders or have your lawyer draw up Binding Financial Agreements. Click on the link to find out more about Consent Orders and Binding Financial Agreements
Do All Separating Couples Need to Have a Property Settlement?
Yes, definitely. It is important to finalise all financial ties with your ex-partner as soon as possible to avoid either party making any claims for Property Settlement later down the track.
If you choose to leave your property settlement to a later date, the court will look at all property available for distribution at the date of the proceedings rather than the date of separation. This means that all additional property and debt gained after the separation will be considered.
An example of assets acquired after separation includes one party winning the lottery. If a large sum of money is won post-separation, this will be considered by the court when making property settlement decisions.
Issues regarding each party’s financial responsibilities after separation also need to settle if there are things like mortgage or personal loan repayments still outstanding.
