Subsequent to separation, de facto and married couples generally need to think about property and related financial matters. This includes carving up the assets and liabilities of the marriage or de facto relationship in accordance with Australian family law. Getting an order from the Family Court may be required for this.
In Western Australia, until an order has been passed by the Western Australia Family Court with regard to property settlement and financial matters, the financial relationship between married or de facto couples is generally not terminated. An order of property settlement can be made by consent, i.e. by agreement or, if an agreement cannot be reached, by a Judicial Officer of the Family Court.
Property Settlement Lawyers Perth WA will be able to help you resolve property settlement and financial matters through adversarial methods like mediation, mediation type conferencing and informal conferencing. We offer financial advice with the matters related to the array of your entitlements under the family law act, the Family Court Act, other applicable legislation and case law.
Prior to the resolution of property settlement and financial matters, you should arguably treat all assets and liabilities as assets and liabilities of the relationship or marriage irrespective of when they were acquired or whose name they are under. This can comprise the family home, mortgages, investment properties, shares, businesses, motor vehicles, business liabilities and taxation liabilities.
In Australian family law, the common method applied to division of assets and liabilities is a four step process as follows:
(1) What are the assets and liabilities?
(2) What are the contributions made by each party?
(3) What will be the ‘future needs’ of each party?
(4) Is the division ‘just and equitable’?
If you need more information, you can contact Property Settlement Lawyers Perth by phone or email.
Financial advice matters involve understanding the financial issues that affect a property settlement, including assets, liabilities, superannuation, income, financial agreements, and future financial arrangements. A property settlement lawyer can help ensure financial information is properly assessed and your legal rights are protected during negotiations or court proceedings.
If an agreement cannot be reached, your lawyer can assist with negotiation, mediation, and, where necessary, court proceedings. The goal is to resolve disputes efficiently while protecting your financial interests and working towards an outcome that reflects your circumstances.
The timeframe depends on factors such as the complexity of your finances, whether both parties cooperate, and whether court involvement is required. Straightforward matters may resolve through negotiation, while more complex disputes may take longer to finalise.
Family law financial matters can include division of assets, liabilities, property interests, superannuation, business ownership, trusts, financial agreements, and disputes about financial contributions. A lawyer can help identify relevant financial issues and develop an appropriate strategy for resolving them.
Documents commonly required include bank statements, property records, mortgage details, tax documents, superannuation statements, business records, investment information, and details of debts. Providing accurate financial information allows your lawyer to properly assess your position and provide reliable advice.
