When a de facto relationship or marriage stops working, it is not only the emotional results the separating parties will need to cope with, but also how their property is to be divided they have to consider at some stage. The assets of the relationship are not automatically divided by 50-50. Instead, division of property after divorce is ascertained on the basis of the contribution made by each party towards the acquisition of the assets and the nurture of the family in addition to the future requirements of the parties.
Usually, the Family Court takes on a 4-step approach towards division of property:
(1) identify and value all assets and liabilities of the relationship,
(2) identify the financial and non-financial contributions each party made towards the acquisition and maintenance of the assets of the relationship as well as contributions as homemaker and parent,
(3) identify current and future needs and resources of the parties,
(4) Consider whether the property division determined pursuant to Steps 2 and 3 is ‘just and equitable’.
Although in certain cases property division can be made in a reasonably straightforward way, in other cases it may be exceedingly complex. Anyway, it is imperative that you get precise and timely legal advice about your rights.
At Property Settlement Lawyers Perth, our family law solicitors give advice with regard to your entitlements. We offer advice on a variety of options to attain a settlement comprising negotiated settlements, mediation and commencement of the proceedings of the Family Court where agreement cannot be reached.
When you make a subdivision of a property, you will have to lodge an application for new titles with Landgate. Any contract to sell the new properties will remain conditional until the titles are issued. Our team of qualified lawyers can apply for your new titles speedily and competently. You may contact Property Settlement Solicitors Perth for further advice or information.