Family Law umbrellas four separate Acts that make up its framework. It is of a very complex nature and crosses over various court jurisdictions.
THE FAMILY LAW ACT:
The Family Law Act has 15 parts and is the main Australian legislation dealing with divorce, parenting arrangements between separated parents (whether married or not), property settlement and financial maintenance involving children or divorced or separateed de facto partners.
There is a twelve-month separation requirement and one month waiting period for a divorce order to take effect
This Act has been designed to apply to all matters regarding the custody and welfare of children in Australia, regardless of the relationship between the parents
Part VIII of the Act is concerned with the distribution of property after a marriage breakdown, and the Court has broad power under section 79 to order property settlement between parties based on a number of factors regarding ‘contribution’ and ‘future needs’.
- Three ways in which a property settlement can be effected:
1. By a binding Financial Agreement
2. By Consent Orders made by a Court having jurisdiction under the Family Law Act, or
3. As a result of a Court hearing and judicial decision.
The most cost effective are binding Financial Agreements and Consent Orders. Court hearings are expensive, stressful and will result in a decision of which you do not have control, but by which you will be bound.