Property and finance are divided and sorted out when legally binding couples separate. You and your former spouse or de facto partner can initially agree on how to divide your acquired assets without having the Court involved. A family dispute resolution service can help you agree on your property and finance division without going to Court. Your agreement will be formalized by the Family Court by simply applying for consent orders.
However, in situations where a dispute arises between you and your partner in terms of your property and finances, you will have to apply to the Court for property orders. This may require you to hire a professional Family Law lawyer if you fail to agree though the family dispute resolution.
Property Orders Defined
Property assets can be in different forms. It may include vehicles, real estate, investments, as well as furniture. Superannuation is also treated as property. Such properties or assets should comply with the pre-action procedures before they can apply to the Family Court of Western Australia for Property Orders.
Steps that includes such are:
- Initial participation in a dispute resolution
- Writing a letter to the other parties exploring options for settlement upon disagreeing in the dispute resolution
- Observing the duty of disclosure
The following can apply for a property order to the Family Court of WA
Married couples. Application should be within the first 12 months of your divorce taking effect.
De Facto Couples. The application for property and finance orders must be within two years of the breakdown of the relationship
Failure to apply for Property Orders within the required time frame will require the Court’s permission prior to application.
How Are Property and Finance Assets Divided by the Court
Dividing a property between separated couples does not have a definite formula. A decision is often made after all the evidence is heard, the judicial officer will weigh what he or she thinks is fair based on the unique facts presented with your case.
The Family Law Act 1975 provides a general set of principles to consider when deciding financial disputes concerning the breakdown of a marriage or a de facto relationship. Such are based on the following:
- Determining what you have and what you owe – your assets and liabilities as well as your net worth
- Financial contributions of each of the part into the marriage or de facto relationship
- Direct and indirect financial contributions by each party such as gifts and inheritances from family
- Non-financial contributions to the marriage or de facto relationship such as caring for the children and home making
- Future financial requirements such as care for the children, ability to earn, age, health and financial resources.
How your property and finances are divided are unique and different from other families. To help you with the process, hiring an expert in Family Law professional is a must. Kean Legal Barristers & Solicitors can help you through this stage of your life.
Call now to get expert advice.