Property acquired prior to or during a relationship by either of the partners will generally all be included to form the combined asset pool and then divided as appropriate between the parties. Both married couples and couples in de facto relationships can apply for property settlement. It is important to seek legal advice so that you are fully aware of your rights and obligations.
In Western Australia, property settlement is governed by the Family Law Act 1975 (Cth) and the Family Court Act 1997 (WA). When determining the appropriate division of assets and liabilities, the Court will base its decision on whether or not the division is just and equitable in all the circumstances.
Property Settlement cases are therefore judged on a case-to-case basis, and each case is considered based on the evidence and documents presented to the Court. There is no set formula to determine which party should receive individual assets or a set ratio that the parties should receive such as 50/50, or 70/30.
Our experienced team of Family Lawyers will be able to help you determine what the Court is most likely to consider Just and Equitable in your unique circumstances.
The partners previously in a marital or de-facto relationship can sign a legally enforceable agreement known as a Binding Financial Agreement (BFA) detailing an agreed division of assets between the parties. In most instances, the BFA will oust the involvement of the Court from your property settlement. However, it is important to be aware that the Court has the power to declare that a BFA is void in limited circumstances. Some of these are if the BFA was incorrectly drafted and signed,the BFA was signed under pressure or duress from the other party, there is a significant change in circumstances, or a party has not fulfilled their obligations under the agreement.
In determining property settlement matters, the Court can also take into consideration relevant factors such as:
The Family court of Australia gives married couples 12 months from the date of divorce to apply for property settlement, and de facto couples have 24 months from the date of separation. However, property settlement can be started from the time of separation. Most of the family lawyers’ and solicitors recommend that initial discussions take place outside the Court. If an agreement cannot be reached, then the parties will have to undergo pre-action procedures before filing a court case, which includes:
It is better to appoint our Property Settlement Lawyers. We can assist you in negotiating an agreement and assist you in your property settlement proceedings.
Property can be defined as any tangible or intangible assets, including gifts and inheritances. Still, if there is no other way, you can call us, and we will provide you with assistance from the best Property Settlement Lawyers in Perth.
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You are free to apply or make a property settlement anytime right after your divorce. Once the divorce has been finalized, you need to apply for the property settlement within 12 months. Generally, it will be better to apply for the property settlement while filing for divorce.
The court action stands out as a last resort, especially when it comes to the cost. When your former partner is involved or is not responding to the proper settlement, you can provide an application about the settlement to the court. Please speak to your divorce lawyers to obtain more insights on such matters.
If you and your former partner have already decided on dividing the property, you can create an informal agreement, a financial agreement, and a consent order. The informal agreement doesn’t require a lawyer’s assistance, the financial agreement will cover how the property is divided, and the court should approve the consent order.
When the agreement is about the division of property, it will take 6 weeks. But it will take around 2 months when real estate is involved. You must consult with your lawyers regarding the duration of the proper settlement.
In short, yes, it is. The de facto couples will have the same property settlement process when compared with married couples. They can obtain property settlements within the same fundamentals as the married couples who are separating.
There are several ways through which the court determines what the former partners will get within the proper settlement after their separation. They are:
• The court will check the nets assets of both parties.
• Financial contribution made by both the couples when in a de facto relationship.
• The party’s future, which includes health issues.
Yes, there is. Property settlements do have time limits. All married couples should apply for a property settlement within 12 months of divorce finalisation. But de facto couples have to apply for the property settlement within two years. You might lose your ability to apply to court if you do not file for it in time.
Here is the list of legal guidelines for creating a property settlement:
• Valuing and identifying all the assets and liabilities.
• Assessments of the contribution made by both parties.
• Assessing the future requirements of both parties.
• Whether or not the proposal division to parties are fair or not.
Property settlement is where you and your partner finalise the financial matters, and you can get it done right after or during the divorce proceedings. Divorce is a legal way to separate from your partner, and you stay separately away from your spouse for 12 months before applying for a divorce.