Conflict with Dividing Assets
Jordan and Ivy were married for fifteen years, united by love and a shared vision. Together, they built a successful supermarket in a small Queensland town, pouring in countless hours and unwavering dedication to turn it into a community cornerstone. However, as the demands of running the business intensified, their relationship began to suffer. Disagreements over business decisions became frequent, spilling into their personal lives and ultimately leading to their separation.
After deciding to part ways, Jordan and Ivy faced the difficult task of dividing their assets, especially the supermarket they had both invested so much in. Jordan, feeling burnt out and ready to move on, wanted to sell his share of the business, while Ivy, with a deep connection to the supermarket, was determined to keep it. Unable to reach a decision on their own, they turned to family law professionals for guidance.
Reaching a Legal Conclusion
With the guidance of their lawyers, Jordan and Ivy considered two main options: Consent Orders or a Financial Agreement.
Consent Orders would allow their property settlement to be approved and formalised by the court, making it legally binding and enforceable. Court approval also ensures the agreement meets basic legal standards, providing both parties with peace of mind and a clear path forward.
In contrast, a Financial Agreement is a private contract between parties that can be arranged without court involvement. These agreements are legally binding if all formal requirements under the Family Law Act are met, but they are not reviewed by the court for fairness at the time of signing. Later, if one party claims the agreement was made under undue pressure or unfair circumstances, disputes may still arise.
After weighing the pros and cons, Jordan and Ivy opted for Consent Orders. The reassurance of court approval and the legally enforceable nature of Consent Orders gave them both confidence in the settlement process. Under the terms of the agreement, Ivy would continue managing the supermarket, while Jordan received his share of the assets and the freedom to pursue a new chapter. With Consent Orders in place, both were able to move forward on a stable financial footing.