Rely on Experienced Property Settlement Lawyers
In times of separation, you want someone experienced to guide you through. With extensive experience in family law property settlements, our Perth property settlement lawyers can ensure disputes are settled fairly and efficiently.
Understanding Property Settlement Law
After you separate, it will be necessary to divide your property with your spouse by negotiating a property settlement.
Property includes all your assets and liabilities whether they are in your name only, in joint names or in the name of a company or a trust.
Married couples have 1 year from the date of their divorce to finalise property settlement, or issue court action.
De facto couples have 2 years from the date of their separation to deal with property settlement.
It is possible in limited circumstances to apply to the Family Court of Western Australia (“the Court”) to deal with the property settlement after that time has lapsed.
How Property is Divided Between Parties
There is no presumption in law that the property should be split equally (50%/50%) between the parties.
There are no formulae the Court uses to divide the property between the parties. It depends on circumstances of each case and multiple factors are considered.
Orders made by the Court are usually framed in terms of a percentage of the total asset pool that each party will receive and which specific assets each party will retain to reflect this percentage division.
Matters Taken Into Consideration by the Court
There are some matters the Court considers in deciding the percentage split that should apply in circumstances including the parties’ financial contributions, their non-financial contributions, their future needs including their age and health, and the need to care for any children.
Ultimately the Court will decide whether the proposed percentage split is fair, just and equitable in all of the circumstances.
Documenting the Agreement
It is absolutely crucial to have any agreement reached appropriately documented by one of the following:
- Consent Orders;
- A Binding Financial Agreement (“BFA”); or
- A combination of both.
If you do not document the agreement using one of those options, the agreement will not be legally binding. There are also certain tax advantages in having the agreement documented.
Understanding Tax Advantages / Disadvantages
After considering your circumstances a lawyer can advise you of the advantages and disadvantages in having your property settlement documented using either Consent Orders, a BFA or both.
How Havilah Legal Can Help
Havilah Legal provides advice to parties in relation to all aspects of property settlement, including negotiation and the preparation of Applications for Consent Orders. Should Court proceedings become necessary, Havilah Legal will pursue the appropriate resolution of financial matters.
Find out More
For assistance and advice relating to Property Settlements, please contact our Family Lawyers today.