5 Reasons to Say “YES” to a Family Law Financial Settlement
It is unfortunate, but it does happen. Couples find themselves in conflicts where divorce is the inevitable option. When divorces happen there are usually some disagreements, especially financially. Most people begin by trying to reach a financial common ground on their own but there are times where an agreement cannot be reached without the help of a third party. However, most people want to avoid going through the process of litigation. This can be accomplished by reaching a financial settlement.
What is a Financial Settlement?
A financial settlement is an agreement that is reached between two divorcing parties (with the help of a mediator or family law attorney) outside of the court system.
Why It Is Beneficial?
- The cost savings is the biggest benefit of a family law financial settlement. Going through the Australian court system is very expensive. There are filing fees, court fees, and possibly thousands of other dollars in legal fees involved.
- There is also the emotional cost savings of going through a family law financial settlement. Court cases can be drawn out for months and sometimes even years, which can be very stressful for both parties.
- The emotional and financial cost savings are directly tied to the time savings that you get by reaching a family law financial settlement. Less time in reaching a conclusion means less cost for both parties.
- Improves the chances of still having a relationship between all of the parties involved after the settlement is reached. An example here might be a dispute between married couples. Reaching an agreement without litigation might leave the door open for a continued relationship.
- Even if a financial settlement is not reached it can still shorten the process of going through litigation because a lot of the groundwork for the court process will have already been done, saving both time and money.
Who Can Apply?
Anyone who has financial properties that are mutually owned can go through a family law financial settlement. This includes married couples as well as long-term partners including those in same sex relationships.
Statistics on the Cost of Litigation
According to Community Law Australia, the average cost of taking on a Federal Court case is between $74,00 and $84,000. Disbursements can cost an additional $25,000. On the flip side, a financial settlement, which includes the cost of disbursement, is around $6,500 – a significant difference.
Get Legal Advice
The important thing to get out of all of this is that a financial settlement is a two-way street. It is something that benefits both parties. If you are not sure of where to start or what your options are exactly then we strongly urge you to get legal advice. This legal advice too can benefit both parties. You can of course visit the “peace of mind” section from New Age Legal Solutions for some of the legal packages that we offer.
Katherine Hawes is a principal solicitor for New Age Legal Solutions. We offer affordable quality legal services for the whole Australian community. If you want peace of mind without the high costs that most legal firms charge then look no further than New Age Legal Solutions.