Secure Your New Home: Finalize Your Family Law Property Settlement After Separation
So, you’ve separated and you’re keen to find another home to move into. Be aware there may be problems ahead unless you take the necessary legal steps.
Even if you and your partner are on good terms, make sure that you complete the family law property settlement before you venture into another property agreement. Unless you complete all the formal requirements any property that you buy after separation has no protection.
Until you complete the property settlement, any new property could end up as a part of the dispute. Picture this scenario:
Carter and Nicole were married for five years before they separated. Nicole met Mark after six months and the two decided to buy a property together. Carter started legal proceedings to settle their property. Nicole is asked to provide details of the property that she has just bought with Mark because it has just become part of the pool of property that Nicole and Carter have.
Nicole may feel that Carter has no rights to information about the new home that she’s just bought with Mark.
But because Nicole has not taken formal action to ensure that the property settlement was complete, Carter now has a claim on her new home.
There are time limits to the financial relationship between you and your partner. They are as follows
- Two years’ separation from a de facto relationship
- Twelve months after divorce
Before you buy a new property, make sure that you consult a family law solicitor. She can help you to complete the property settlement and assist with information on any consequences.
