Your Ex Won’t Agree To A Financial Settlement? Read On!
Each party wants a property settlement to move forward financially when a marriage ends. However, your ex-husband or ex-wife delaying property settlements could happen for different reasons. JJ lawyers provide all the legal help and representation for clients to reach a settlement agreement.
This article provides insights on former partners delaying a financial settlement and what to do when an ex doesn’t agree to a financial settlement.
How A Delay Can Happen
In most cases, your partner delaying property settlements revolves around personal issues and financial gain. A delay happens for one or more of the below reasons.
The Federal Circuit and Family Court of Australia mandate each party to provide documents and information for a property settlement. The information and documentation should pertain to each party’s personal and joint financial circumstances. Any new information that arises during the procedure should also be updated. Examples of documents to provide are:
- Personal and company tax returns
- Bank statements
- Employment contracts
- Valuation for property and items such as antiques
Failure to produce the above documents and any relevant information makes negotiations impossible and delays the settlement process.
Missing Mortgage Or Loan Repayments
Banks and financial institutions require six months of on-time loan payments if one party wants to buy the ex-partner’s property. Missed or delayed mortgage repayments delay the loan refinance process. As a result, the entire settlement process stalls until the refinance is complete.
Purposeful Lack Of Communication
Your ex-partner may refuse to engage or fail to respond to invitations for mediation. In most cases, the ex-partner refuses because they hope to get a better offer. If you solicit other advisors, your ex-partner can still refuse to communicate.
In some cases, you can accumulate debts post-separation. In such a case, your ex will not agree to any financial settlement until you reduce or pay off the debt. You are responsible for the debt repayment, which your husband might not want to cover.
Reasons For Stalling
Your ex-partner delaying property settlement majorly happens due to personal or financial reasons. They may feel entitled to more than his current legal share or resentment, making negotiations difficult. Other reasons include:
Your ex-partner delaying property settlements can result in financial rewards for them. For example, if your ex-spouse lives in the said property, a delay makes them live rent-free for a while.
Receipt of Valuable Inheritance
Your ex-partner may be about to receive an inheritance during the property settlement time frame. Sometimes, your ex-partner may try to hide the asset from the settlement agreement. Your ex won’t agree to a financial settlement first to seek legal advice in such a situation.
Failure to Reach an Agreement
The settlement process may delay if you and your ex-partner can’t agree. Emotional turmoil may make your ex-partner reluctant to let go. Such hopes stall the process because your ex-partner believes the property settlement won’t be necessary once you reunite.
Reasons Against Stalling
Failure to finalise your property settlements has negative implications for both parties. Here are four reasons against your ex-partner delaying property settlements.
Loss Of Funds
Your ex may receive more funds after court proceedings than the initial offer from the property tool. If your ex-partner takes debts post-separation, the responsibility lies on the two of you. So, if your ex-partner delays your property agreements, the amount you’ll have to cover increases.
Decrease In Assets’ Values In Property Pool
Your ex-partner delaying property settlements could run down your assets’ values. For example, the value of certain items decreases if your ex runs your credit cards to their limits, draws on the mortgage, or takes valuable items.
Also, assets you don’t know about could be disposed of and not included in the asset pool.
The longer you wait for post-separation, the more complex the property settlement becomes. In addition, post-separation expenditure sets in, your relationship could become acrimonious, and future needs also change.
Finally, your ex gets all the benefits if you, unfortunately, die before the settlement. The court will distribute your assets by ownership or will, which you may not have updated.
Even if you die intestate, your ex-partner will likely benefit from the assets. Also, regardless of whether or not your will is updated, joint assets are automatically transferred to your ex-partner.
What To Do If You Are In This Situation
Many legal aspects arise during divorce, especially when child support decisions, family law, or complex properties are involved. We always recommend seeking legal advice if your ex won’t agree to a financial settlement. At JJ Lawyers, we have a team of excellent family lawyers Sydney to handle clients’ cases involving stubborn exes.
The first step towards the agreement is to ask for full disclosure from your partner within a preset time frame. If the first step fails or you can’t prove that your ex-partner has hidden assets, apply for an order to disclose. Then, if the two fail, apply to the court for a fair settlement.
How To Protect Against Ex Delaying Property Settlement
One way to avoid your ex-husband delaying property settlements is mediation or an amicable settlement. An independent party can help you work through problems. You’ll reach an early, legally binding agreement without facing delays.
Another way is to start the settlement process before you apply for a divorce or get a separation. Then, you will reduce the complexities that arise with more extended waiting periods. Early commencements also give you enough time to handle and solve issues in good time.
If you can’t start the process before a divorce or separation, do so within the set time frame to reduce unnecessary complexities. The time limit to apply to the court is twelve months from the date of your divorce order for married couples. If you are in a de facto relationship, two years from the date of separation is the limit.
In Summary – Seek Legal & Professional Help As Soon As Possible
Property settlements, no matter how difficult, are best handled timely. So, if your ex won’t agree to a financial settlement, contact our divorce lawyers Sydney & property settlement lawyers as soon as possible. Our professional and experienced spousal maintenance lawyers Sydney will help you finalise your property settlement or any critical family law matter you’re going through – from child recovery order applications to spousal maintenance matters.
For other comprehensive breakdown’s of pertinent family law topics, see our dedicated law blog, where we unpack issues related to ‘Consent Orders‘, ‘My Ex Won’t Sign Divorce Papers‘, ‘Separation Under One Roof‘ & More!