Financial and Property Issues
Financial and property issues are matters dealt with by the Family Court in order to resolve a dispute about how property is to be divided after separation between married couple pursuant to the Family Law Act 1997 (Cth) or de facto partners pursuant to the Family Court Act 1997 (WA).
Property includes real estate, motor vehicles, furniture, investments, superannuation, family business, trust, any other assets and liabilities.
Some couples are able to reach amicable agreements in relation to their property division matters; and as such, agreements can be prepared by our solicitors at Robinson Family Lawyers in a Form 11 Application and filed in Court as Consent Orders.
For other couples who have difficulties negotiating or reaching agreements over financial and property issues, our solicitors at Robinson Family Lawyers would be able to provide assistance in resolving the disagreements.
The Family Court adopts a four step process in determining an Application for Property Settlement:-
1. identify and value the assets and liabilities of the parties;
2. assess the contributions made by each party and decide what percentage of the property each party should receive based on the contributions of both of the parties;
3. make any further adjustment to ensure the settlement will be fair and to make a clean break in the parties’ financial relationship (when practicable);
4. determine whether the resulting division is just and equitable.
The Family Court will make a legally binding order at the end of the case.
The Family Court expects the parties to try to resolve their dispute before making an application to the Court. Anyone who does not comply with the Family Court’s pre-action procedures (unless exempt) risks serious consequences such as costs penalties.