Property settlement after separation/divorce is made with the division of assets, liabilities and resources in family law terms. According to the law, as far as possible the settlement should make a clean break between the parties.
While making a property settlement, the decision should take into consideration: land, shares, vehicles, superannuation, interests in trusts, debts and how the property was obtained. All property is kept in mind irrespective of whether it is held in the name of one or both of the parties, in a company or a trust, in Australia or overseas.
The legal approach to separation of property in divorce needs Courts to abide by a process consisting of the following:
(1) analyze which property belongs to whom and determine if there is any need to change it
(2) identify and value all the property
(3) analyze the financial contributions along with non-financial contributions, and contributions to the family welfare; and apportion a percentage to each party on the basis of contributions, and use the percentage for the overall value
(4) take into account the factors that may imply it is right to adjust the percentage
(5) Determine the way how the property should be apportioned between the parties and ensure the final outcome is just and equitable.
In Western Australia, the law regarding property settlement after separation Perth is somewhat different for persons who were married from persons who are separating from a de facto relationship, because superannuation cannot be transferred between former de facto partners prior to its release.
In de facto relationships, any application for property settlement is to be made no later than 2 years after the date of separation. In case of a divorce, the time limit for property settlement is 12 months from the date of divorce.
It is helpful if you look for legal advice from property settlement services Perth early so that you get realistic expectations about the possible result. If you think we may be of help, contact Property Settlement Lawyers Perth by phone or email.