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Property And Finance Management After Divorce In Australia
Last Updated on: September 20th, 2024
Divorce is a legal process that terminates a marriage. It can be a very difficult time for both parties involved, as well as for any children that may be involved. In Australia, the process of divorce is regulated by the Federal Circuit Court of Australia.
When a marriage ends in divorce, it’s not just the emotional upheaval that couples must deal with. There are also a number of financial and legal considerations that need to be taken care of.
In this article, we’ll outline some of the key issues that need to be addressed when it comes to property and finances after divorce.
The Process Of Divorce In Australia
In Australia, either spouse can file for divorce, although it must be jointly if the other spouse agrees. To be eligible to file for divorce, the couple must be separated for at least twelve months, and have lived separately in Australia for at least that time.
The official filing fee for divorce in Australia is $845, though there are some circumstances in which this fee may be waived. Once the application for divorce has been filed, the court will then send a copy to the other spouse who is required to respond.
If the parties can agree on the grounds for divorce and the terms of financial, parental, and property settlements, they can submit a ?consent order? to the court, which will be accepted. If not, then the court may issue a ?record of order? to the couple, which will outline the terms of the divorce and other proceedings.
What Am I Entitled To In A Divorce Settlement?
When you get divorced, you and your spouse will need to divide up your assets and debts.
- Money, Savings, and Investments
- Property Including Furniture and Appliances
- Vehicles
- Life Insurance Policies
- Businesses
- Financial Support such as Child Maintenance
This can be a complex process, especially if you have a lot of assets or if you are not on good terms with your spouse.
In most cases, you will be entitled to a fair share of the assets and debts that you and your spouse have accumulated during your marriage. However, there are some exceptions to this rule. For example, if you have signed a prenuptial agreement, the terms of that agreement will likely supersede the general rules of asset division.
Likewise, if you or your spouse has committed adultery, you may not be entitled to the same share of assets as you would otherwise be entitled to. Each state has its own laws governing divorce, so it is important to consult with an experienced divorce attorney in your state to
Property And Finances After Divorce
Property and assets ownership is determined by the Family Law Act 1975, which outlines that each spouse is to receive a fair outcome, regardless of any assets owned prior to the divorce. The court will decide who receives which assets and who bears the costs associated with the divorce. Any shared assets will usually be divided based on the value of each individual?s contribution to the marriage.
The court will also determine the financial obligations of both parties, including any child support or spousal maintenance. Child support payments are payable until children are 18 years old unless an earlier date is specified in an agreement. Spousal maintenance payments are typically made until either party remarries, but this is subject to review.
Related: 7 Property Investing Tips To Help You Generate Passive Income
How Long Does It Take To Divorce In Australia?
The process of divorce in Australia can take anywhere from a few months to a few years, depending on the complexity of the issues involved. In some cases, the process may be fast-tracked if both spouses agree on the terms of the divorce.
However, if the parties cannot reach an agreement, the process may take longer as the court must resolve any disputes. Most couples are able to come to an agreement within a few months and are issued a divorce certificate within twelve weeks of filing for divorce.
The divorce hearings must take place at least one month after filing for divorce. The court will then issue the divorce order and a decree absolute to both spouses when it is satisfied that the terms of the divorce are fair and reasonable. The divorce is finalized 28 days after the decree absolute is granted.
Parenting Orders After Divorce
When it comes to parenting arrangements, the child?s best interests are always taken into consideration by the court. The court will decide on who the child will reside with, who will be responsible for the educational, religious, and medical needs of the child, and what kind of contact arrangements will be established between each parent and the child.
The court will generally favor shared parental responsibility, whereby both parents have a role in making decisions regarding the welfare and interests of the child. Parenting orders can be varied and modified over time to suit the changing needs of the family.
Conclusion
In a divorce, both spouses are entitled to an equitable share of the marital property. This includes both assets and debts that were acquired during the marriage. The court will divide the property in a fair and equitable manner, taking into account the needs of both spouses.
It is important to ensure that all parties involved receive a fair outcome and that the process is conducted in a sensitive and respectful manner.
This guide has provided an overview of the process of divorce in Australia and the things to know about it, including the grounds for filing for divorce, the length of time it takes, financial and parental arrangements, and the effects of divorce on all parties.
It is important to have a good understanding of the process before initiating or responding to divorce proceedings in order to ensure the best outcome for all involved.
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