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6 Steps To Have To Win For Property Settlement Case In Perth

by janeausten
6 Steps to Have to Win for Property Settlement Case in Perth

Property settlement, parenting disputes, and divorce are closely related family issues that need expert advice to handle. The emotions attached to the property division that arises from separation can be heartbreaking for the two parties, especially when it involves children. It is open for consideration whether a property is registered in only one party’s name or joint names. Some top property lawyers Perth can help you in this cause. This post gives a detailed guide on it.

What Is Property Settlement?

A property settlement refers to an arrangement made between parties where major financial resources, assets, and liabilities are divided at the time of separation. You can make it with or without any assistance from the court.

By property, we mean everything that has some value, including:

  • Superannuation
  • Property owned independently or jointly
  • Business interests
  • Jewelry
  • Truth interests
  • Assets acquired through inheritance
  • Cars
  • Pets
  • Money

One thing to note here is that a property settlement involves a property acquired during the relationship and is done for properties owned before and after the separation.

Liabilities that can be divided include:

  • Debts
  • Taxes
  • Loans
  • Stamp duty obligations

Things To Note To Make A Property Settlement Without The Involvement Of The Court

Many resources are available to help you make a property settlement by not involving the court. However, such an agreement is always complex, and so it is recommended to hire a civil lawyers Perth to prepare it.

Not involving the court does have some benefits. In addition to saving ample time and money, you can also improve your relationship with your spouse, thus avoiding any future disputes.

You can make a financial agreement or apply to the court for a consent order to get your deal finalized if you and your spouse agree on the terms.

Financial Agreements

Financial agreements are like contracts because they specify the property division between you and your spouse. As per the Family Law Act 1975, couples who have been in a de facto partnership or married relationship can enter into a binding financial agreement. These financial agreements are called prenuptial agreements.

When you decide to make a financial agreement, it is essential to understand the specific terms. Make sure both of you have received independent financial and legal advice before signing the agreement.

Consent Orders

If both of you are able to reach an agreement on a property settlement, you can consider preparing the written agreement in a consent order form. It needs to be approved by the court.

Signing the agreement means that you agree to the terms written on it. So, it is pretty similar to a contract. When the court gives its approval, the consent order becomes legal.

6-Step Procedure To Win A Property Settlement Case In A Perth Court

Below are the six vital steps you need to consider when choosing a court-ordered property settlement. Hire one of the best property settlement lawyers in Perth to help you get through the process.

Step 1: Find Out Which Assets Are Available for Division

First, it is crucial to identify the current property each holds and whether you hold it individually or jointly with your former partner.

We have already discussed what property refers to.

When it comes to determining whether assets of a trust or company constitute the property, you must consider several factors, like:

  • interest exercised by each party with respect to the trust or company
  • the degree of control.

Step 2: the Court Must Consider Whether the Division Is “Just and Equitable” to Make Any Adjustment

The court must consider whether the division is “just and equitable” to make any property adjustment before assessing the contributions.

If there are joint properties, the court will consider helping parties get a fair split.

Step 3: the Court Will Identify and Assess the Contributions Made by Both Parties

Next, the court will also consider how each party has contributed financially and non-financially during the relationship, at the commencement of cohabitation, post-separation. In addition to financial contributions, the court also considers parenting and homemaking contributions.

However, they do not consider any “equality of contribution.” Financial contributions usually include:

  • Gifts
  • Property bought during the relationship
  • Property bought when you have started living together as a couple
  • Income
  • Inheritances

Non-financial contributions, on the other hand, include:

  • Gardening/landscaping
  • Renovations to real estate
  • Unpaid work in a family business

Family welfare contributions also include working as a homemaker or a carer.

While considering inheritances, the court checks when you have received them. But, they do not follow any strict rules to divide inheritances. Instead, they do it depending on the case.

Step 4: the Court Will Assess Future Needs of Each Party

Once the court calculates the contributions of each party, they focus on the future financial needs of each party. They want to figure out whether one party should get more compared to the other.

Matters they consider include:

  • The income, financial resources, and income of each party
  • The health and age of each party
  • Whether either party needs to look after a child who is below 18

Step 5: the Court Will Consider whether the Division is “Just and Equitable”

After completing all the steps discussed above, the court checks whether the proposed division of the property satisfied each party’s needs. If required, the court may also make some further adjustments.

Step 6: Be Careful about Superannuation

According to the rules in Australia, superannuation is considered property. Thus, the court follows the same step-by-step procedure to determine how the parties’ superannuation will be divided.

Keep in mind that the superannuation account’s value will determine whether it can be treated as a separate asset or only a part of the main property pool.

Final Words

Before you start discussing the asset division with your ex-partner or spouse, it will be good to take advice from an experienced lawyer. They can check whether all the relevant assets and factors are considered. Get in touch with any top-ranked law firm to find the best civil lawyers in Perth, WA.

For more information on lawyers in Melbourne be sure to check out P&B Law.

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