Australian Family Law on Property Settlement
When spouses divorce in Australia, their marital assets must be divided between them according to the terms of Australia's Family Law Act of 1975. Under this act, spouses can reach their own settlement or seek court intervention.
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Financial Agreements
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If spouses can agree to a property settlement, they may save a lot of money and preserve their ability to communicate and cooperate in raising their children. Under Australia's Family Law Act, spouses can make their own decisions regarding which spouse is entitled to the various marital assets. Their final agreement will be legally binding as long as both spouses have their own independent legal representation and both sign the agreement.
Judicial Affirmation
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If spouses reach a property settlement, they can have their agreement affirmed or approved by the court. The court will review the agreement and sign a consent order. The property settlement agreement then becomes court ordered and either spouse can seek judicial intervention if it is violated.
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Financial Orders
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When spouses are unable to agree to a property settlement, they must ask a court for a financial order. In Australia, a federal magistrates court or a family court has jurisdiction over divorce proceedings. According to the Australian Family Law Act, a court determines property settlements based on the value of marital assets and each spouse's needs. The court will take age, health and income into consideration, as well as each spouse's financial and non-financial contributions to the marital relationship. Based on these factors the court will issue a "just and equitable" property settlement order.
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