Property Settlement
When couples separate, they need to come to an agreement on how to divide their property, assets and debts – this is known as property settlement.
Also known as separation settlement or financial settlement, this process may be concluded in court with court orders or privately with binding financial agreements producing a legally enforceable agreement or legally binding court order.
Timing is important...
- Married couples need to initiate proceedings for property settlement within one year of a divorce becoming final.
- Proceedings for De facto couples must be initiated within two years from the date of seperation.
- You should obtain legal advice for financial settlement as soon as you realise the marriage or relationship is at an end to avoid your ex-partner dwindling the asset pool, or incurring additional expenses.
WHAT'S YOUR SITUATION?
If you’re either thinking of separation, beginning the process or would like a second opinion on a current property and financial separation that has already commenced, the first step is to start a conversation with us as every case is unique. We want to field your initial questions over the phone so that we can recommend a course of action best suited to your needs.
4 steps to property settlement...
- Ascertain the net value of the asset pool. It is important to give full disclosure as the Court takes a very dim view of any failure to do so.
- Assess the contributions of each of the parties, such as financial, parenting, homemaking and initial contributions in respect to relationship length.
- Consider the future needs, such as the parties ages; health; earning capacities; care of any children under 18 and the length of the relationship.
- Is it Just & equitable? The final stage in the process is where the Court must consider if the terms of the proposed property settlement are just and equitable.
Why Perth Family Law Centre for property and financial separation advice?
We believe, when it comes to Property Settlement, the two most important things a family lawyer can offer you is subject matter expertise and personal experience. This is a complicated area of law requiring specialised knowledge, the lawyer you choose must be full bottle on applicable laws, rights and responsibilities throughout the process. An experienced practitioner is even more valuable when they have personally experienced property separation and settlement in their own personal lives.
We've been there..
With years of professional and personal experience in Family Law, we genuinely understand the importance of moving on with your life.
No surprises..
We understand concerns about unexpectedly large legal bills and disclose legal costs upfront so that you can make informed decisions.
Stay in control..
We achieve the best outcomes for our clients by fighting from your corner with a conciliatory instead of adversarial approach to family law.
Mark Shaw
Tina parsons