Whether you have or have not reached a verbal agreement with your partner, our lawyers will achieve your desired outcomes.

Property settlement can be a complex and emotionally challenging experience. At Canaan Lawyers, our experienced lawyer team is committed to guiding you through the entire process in a confident manner. We know that every situation is unique, so we offer tailored solutions to meet your individual needs and circumstances.

Our lawyers have the experience to handle matters that involve complex assets such as:

  • Complex family trusts
  • Parents’ assets
  • Businesses and other complex commercial structures and assets
  • Situations where you suspect the other side may be hiding assets
  • All types of overseas assets 

If you have reached a verbal agreement with your partner:

We will protect your financial future with a Binding Financial Agreement.

A Binding Financial Agreement (BFA) is a legally binding agreement that is designed to provide certainty and clarity in the event of a separation. It can help prevent future disputes and provide peace of mind knowing that your financial future is safeguarded.

Our team of experienced lawyers are here to help you secure your desired outcomes. A Binding Financial Agreement can cover a variety of financial agreements between both sides, including:

  • Division of property, including real estate, personal property, and other assets;
  • Allocation of debt and liabilities;
  • Spousal maintenance or ongoing financial support;
  • Division of superannuation assets and payment of superannuation splitting orders;
  • Ownership and control of business interests such as partnerships and companies;
  • Insurance;
  • Estate planning and distribution of assets upon death; and
  • Tax implications and responsibilities associated with the financial arrangements.

If you cannot reach a verbal agreement with your partner:

We will advise you the best approach for your situation

We understand the challenges that come with property settlement and are committed to helping you reach a fair and reasonable resolution. Our lawyers can advise you on the best approach for your situation and represent you in negotiations or court proceedings. We will work with you to find a resolution that is in your best interests, including:

  • negotiating a settlement agreement
  • mediation, or 
  • through the court process. 

If any of the statements resonate with you, you should speak to our lawyer today to find out the best course of action.

  • You and your partner have verbally agreed on the division of property, debts, assets, business interests or/and ongoing spousal maintenance. 
  • You have received legal documents in respect to drafting a Binding Financial Agreement. 
  • You and your partner have not been able to come to an agreement about the division of assets and liabilities.
  • There are complex financial structures or assets (such as a family trust, overseas assets, or parents’ assets) involved in your property settlement. 

Frequently asked questions

If you have reached a verbal agreement with your partner:

What is a Binding Financial Agreement?

A Binding Financial Agreement (BFA) can be used to establish a mutually agreed-upon financial settlement between the separating couple.

Once a BFA is agreed upon by both parties, it can provide certainty and security for both parties, as it outlines the specific terms of the financial settlement, including the division of assets, liabilities, and any ongoing financial obligations such as spousal maintenance.

Contact our lawyers now if you are considering a Binding Financial Agreement and looking for experienced lawyers to protect your interests.

What specific terms and elements can be included in a Binding Financial Agreement?

A Binding Financial Agreement (BFA) can include various terms regarding the division of assets, liabilities, and ongoing financial obligations between separating parties. Here are some of the elements that can be included in a BFA:

  1. Division of assets: real estate, vehicles, investments, and personal property.
  2. Division of liabilities: mortgages, loans, and credit card debts
  3. Spousal maintenance: ongoing financial support payments that one party makes to the other after separation or divorce.
  4. Inheritance: any inheritance or potential inheritance
  5. Superannuation: superannuation, refers to retirement savings

It’s important to note that a Binding Financial Agreement should be tailored to the specific circumstances of each case. Contact our lawyers today to discuss your options and get tailored advice for your circumstances.

Do I need a lawyer for preparing your Binding Financial Agreement?

When it comes to a Binding Financial Agreement (BFA), it is mandatory to work with a lawyer who will solely represent your interests and concerns. 

Contact our lawyers and they will be able to provide guidance and support throughout the process of negotiating and drafting a BFA, ensuring that your financial interests are protected.

What are the factors that make a Binding Financial Agreement not enforceable in the future?

There are several factors that can make a Binding Financial Agreement (BFA) unenforceable:

1. If one party failed to disclose all relevant information;
2. If the terms of the BFA are unfair or unreasonable;
3. If one party did not receive independent legal advice; and
4. If one party was coerced or threatened into signing the BFA.

Seek legal advice on how to ensure that your Binding Financial Agreement is enforceable.

When should I engage a lawyer to prepare for a Binding Financial Agreement?

You should start engaging a lawyer to prepare a Binding Financial Agreement (BFA) as soon as possible. This will clarify financial arrangements between you and your former partner.

If a Binding Financial Agreement is not established, all future assets may also be considered shared assets. Contact our lawyers to ensure that you can protect your assets before it is too late.

How much does it cost to prepare for a Binding Financial Agreement ?

The cost of a Binding Financial Agreement in Australia can vary depending on the complexity of the agreement. In order to get a specific quote, it would be best to contact our lawyers. They will assess your specific needs and provide you with a fixed-fee quote. 

If you have not reached an agreement with your partner:

What to do if I cannot reach consensus with the other side?

Engaging an experienced lawyer to negotiate on your behalf can help with the division of assets and liabilities. If negotiations fail, your lawyer can help you file for property settlement with the court, representing you in court to protect your interests.

If you are struggling to reach a consensus with your former partner during property settlement negotiations, contact our lawyers today to learn about your options.

What criteria is property settlement based on?
  1. Financial Contributions: This includes mortgage payments, household expenses, and other expenses.
  2. Non-Financial Contributions: This includes home maintenance, child care, and care of the property.
  3. Future Needs: This includes their income, earning capacity, and ability to support themselves after the settlement.
  4. Equal Sharing: The court will consider the contributions made by each party and attempt to achieve a fair and equitable outcome.
  5. Tax implications: This includes consideration of capital gains tax, stamp duty, and other tax implications.

If you want to know what you are entitled to and obtain your best interests, contact our lawyers now.

When should I start preparing for property settlement?

A property settlement can be reached at any time after separation. However, it’s advisable to settle your property as soon as possible to track and divide assets fairly, and avoiding complications.

If a binding financial agreement is not executed, all future assets could be considered shared assets, and the court could make an order regarding their division in the future. To avoid this risk, contact our lawyers today.

What if the other party hides assets or refuses to split or transfer money?

If you suspect the other party is hiding assets or not willing to split assets or transfer money, it is important to seek legal advice as soon as possible.

We can help you uncover any hidden assets and ensure that all assets are considered in the property settlement process and negotiate with the other party to reach a reasonable resolution. If the other party is unwilling to negotiate, your lawyer can assist you in pursuing legal action.

Am I entitled for spousal maintenance?

In Australia, spousal maintenance may be awarded to a spouse who is unable to support themselves adequately after separation or divorce. However, whether you are entitled to spousal maintenance will depend on your individual circumstances and the factors considered by the court.

Seek legal advice to learn about your legal rights. 

Is it necessary to go to court for property settlement?

Not all property settlements require court intervention. Many couples are able to reach a property settlement agreement through negotiation, mediation, or through the use of a binding financial agreement. However, in some cases, court intervention may be necessary if the parties are unable to reach an agreement. Seek legal advice to determine the best course of action for your specific situation.

How much does property settlement cost?

The cost of property settlement in Australia can vary depending on the complexity of the assets. In order to get a specific quote, it would be best to contact us. They can assess your specific needs and provide you with a fixed-fee quote.

This FAQ content is general in nature and not intended as legal advice. For specific legal advice regarding your situation, we strongly advise you to consult with experienced lawyers.

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Need help with property settlement?  Speak to our Chinese lawyers in Melbourne today.

At Canaan Lawyers, we are committed to achieving your desired outcome and enabling you to succeed.  If you are looking for an experienced lawyer to prepare a Binding Financial Agreement, or represent you through the process of property settlement in Australia, we are here to help. Contact us today to schedule a consultation with our lawyers.

At Canaan Lawyers, we pride ourselves in our ability to provide premium law services in a variety of different areas, including criminal law, commercial law, and litigation. If you have any questions or would like to arrange an appointment with one of our Chinese lawyers in Melbourne, get in touch with our team today. Our Melbourne-based office can be reached at 03 9620 0888. Alternatively, you can send an email to info@canaanlawyers.com.au or fill out our online enquiry form and we’ll get back to you as soon as possible.