A financial order, commonly known as a property settlement in a separation, is an agreement made by a separated couple about how they will divide their financial and property assets.
A type of consent order, a financial order must comply with certain provisions of the Family Law Act and is then approved by the court and becomes a court order.
Financial orders can be made through the court by consent orders – where you both agree – or made by the court after a trial or hearing – where you both argue your case. Unlike a financial agreement, each person does not need to have a lawyer to get a financial order, but the agreement about the division of assets must be considered fair by the court to be approved.
Even though you do not need legal advice when preparing a financial order, they are extremely difficult to change once they have been made so you must ensure you get accurate legal advice.
Jones Mitchell Lawyers have a thorough knowledge of the Family Law Act and extensive experience in working with clients with the most complex property settlements. We also have extensive experience in working with the courts to ensure your case is heard.