Sorting out property and debt division after separating from a marriage or de facto relationship
When a couple separates, be it from marriage or a de facto relationship, they often need to determine the division of their property and debts. This may include considerations for financial support, either as spousal or de facto maintenance for an individual, or as child support or maintenance for any children involved.
If possible and safe, reaching an agreement with your former spouse or partner is usually the best course of action. This approach can be more cost-effective, faster, and less stressful. For strategies on reaching an agreement without going to court, refer to resources like “Separate smarter.”
There are several methods to manage financial arrangements post-separation:
- Mutual Agreements: If you both agree on how to divide your finances, you can formalize this agreement by applying for consent orders or creating a financial agreement.
- Dispute Resolution: In cases of disagreement on certain issues, consider using dispute resolution or mediation services to help settle these disputes.
- Court Intervention: If an agreement cannot be reached even after dispute resolution, you have the option to apply to the Court for financial orders. These orders can address property division and the payment of spouse or de facto partner maintenance.