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It’s important to have a clear understanding of how your assets will be split following the separation. In Perth, property settlements are dealt with by the Australian family law principles. These regulatory principles primarily take into account the fair and sensible result for both parties. This structure gives the Family Court of Western Australia the ability to consider your assets and liabilities to your future needs.
In this regard, we’ll explore how assets are divided post-divorce and factors that can influence the asset division.
In Australia, divorce and property settlement are considered two distinct legal processes. The divorce formally ends the marriage, and the property settlement establishes how financial issues are handled.
Couples may communicate and make arrangements with the assistance of property settlement lawyers Perth regarding property before or after they receive a divorce order. If there is a need for property orders in a divorce, married couples typically have 12 months after the divorce to seek them in court.
The Australian courts consider a wide range of property and financial resources as assets, including:
Inheritances, including assets received through wills or estates, may also affect property settlements. In some situations, consulting the best deceased estate lawyers Perth can help clarify how inherited assets are treated during divorce proceedings.
When determining the financial position of both parties, liabilities are also taken into consideration. The common financial commitments can be:
There are four main factors that can influence the asset division after the divorce, these include:
Many couples prefer dividing assets in divorce Perth by working out a mutually agreeable solution. Some of the common approaches include:
Once an agreement is reached, it can be made legally binding in the form of Consent Orders or a Binding Financial Agreement for legal certainty.
Court proceedings may assist where matters involve:
The court process offers a structured legal framework to ensure a fair resolution of divorce asset division WA in line with Australian family law principles.
There are four major steps the family court takes to decide property division after a divorce. These include:
The court reviews the list of all assets, debts and financial resources linked to both parties. These steps provide full financial disclosure related to the matter and to proceed with transparency throughout the proceedings.
The court then looks at the contributions made by each party during the relationship. These contributions can be financial or non-financial.
Examples of financial contributions include:
Non-financial contributions are also recognised as valuable and may include:
In family law asset division Perth matters, the court considers assets, liabilities and the future financial circumstances of both parties. Some of the factors that are generally evaluated are:
The last step is to determine whether the proposed settlement is fair and equitable in the circumstances. The asset distribution outcome is customised to fit the unique situation of the relationship.
The asset distribution after a divorce in Perth is dependent on multiple factors. Some of which include parental responsibilities, business ownership, financial contributions and future financial needs. Considering these factors, both parties can mutually distribute assets or seek a court order for complex cases. You can also take assistance from the best property lawyer Perth to strengthen your case for the asset distribution.