Perth property settlement lawyers

We will ask you questions about the assets and liabilities of the relationship, the different contributions made by each of you before, during and after the relationship ended and moving forward, any special circumstances that need to be taken into account such as the ongoing care of a child of the relationship.  We will then give you an indication of what a just and equitable outcome is likely to be.

The initial consultation is an opportunity for us to give you a broad understanding of the law that applies to you including any relevant timeframes.  We will also discuss with you with a range of options to resolve your matter and discuss which options are likely to suit you, depending on your individual circumstances.

It is helpful to bring a simple schedule of the assets and liabilities of the relationship (including superannuation) including items held in your name and the name of your former partner.  Please also think about what each item is likely to be worth or what the debt is likely to be.  You may also want to prepare a list of important times and events such as when you started living together, when you got married and when big events happened for instance, when you received an inheritance or a redundancy payment.

Generally speaking, no.  Your assets should be valued at the time of the final settlement or hearing.

It may be necessary to get valuations e.g. a licensed valuer to value real estate, an expert valuer to value a business and a “Redbook” value for motor vehicles.   When dealing with valuations, it is important to consider, and you should take legal advice, on whether a Single Expert Witness (valuer) appointment is appropriate for your case.

We would strongly encourage clients to attempt to achieve a negotiated outcome because defended court proceedings can be expensive and stressful.  Unfortunately some matters cannot not be settled and the parties may have to apply to the Family Court for property orders.

In some instances an asset is not regarded as “property” for the purpose of the parties’ family law property settlement but instead categorised as a financial resource.  Some examples are future pension entitlements, assets of a trust controlled by the other party’s parents and an overseas pension or superannuation.

Congratulations.  The hardest part is reaching agreement.

Property agreements (including spousal maintenance) can be documented with an Application for Consent Orders or a Binding Financial Agreement.  Each document is very different and a Binding Financial Agreement will require you to obtain independent legal advice and a Certificate confirming this advice has been provided to you.

To ensure you receive your rightful entitlements and/or that you are protected from further claims in future, it is important to formalise your financial settlement.  We like to refer to this as your “financial divorce” – legally ending the financial relationship created by your marriage or de facto relationship.

Marital property refers to all assets and debts amassed by either spouse during the marriage, encompassing everything from the family home and cars to investments and personal belongings acquired during this time. 

Separate property, on the other hand, signifies the assets and debts each individual brought into the marriage, including personal gifts or inheritances received by one party during the marriage, provided they remained distinct and didn’t mingle with marital assets.

When it comes to a divorce settlement, superannuation is treated as a type of property. But it’s got its own set of rules for how it’s split. Often, it’s not a simple 50/50 split but determined based on various factors including the couple’s age, financial and non-financial contributions, and future needs.

Prenuptial and postnuptial agreements have a significant influence on property division during the dissolution of a marriage. These legally binding agreements stipulate the manner in which assets and liabilities will be divided in the case of a future split and may also encompass provisions for spousal maintenance.

It is imperative that such agreements are meticulously drafted to meet stringent legal requirements, ensuring their enforceability in court.

The valuation of businesses and professional practices usually involve calling in the experts. These experts might be accountants or financial analysts who have a keen eye for determining the real worth of a business, considering all assets, liabilities, income and market conditions. They dig deep, looking into financial statements, contracts, assets, and liabilities to give an accurate valuation.

In most cases, the home is considered a joint asset, even if only one party’s name is on the title. The real crux is determining how to divide its value. You’ve got a few options here: one party might buy out the other’s share, or it might be sold and the proceeds split. 

In some cases, especially when dependents are involved, arrangements might be made for one party to remain in the home for a set period, usually until the youngest child reaches a certain age, before deciding on the sale or transfer of the property.

Gathering as much financial documentation as you can is vital. This could be bank statements, tax returns, property deeds, or anything that provides a comprehensive view of the financial landscape during your marriage.

If you suspect that assets are being concealed, you might want to consider bringing in a forensic accountant. These pros are like financial detectives, adept at uncovering hidden assets, tracing funds, and identifying discrepancies in financial statements.

In the legal world, the length of the marriage is a significant factor in determining the financial contributions of each party. In a shorter marriage, it might be easier to identify and separate what each party brought into the marriage, given that the assets might not have mingled as much  in a long-term marriage, the lines can be a bit more blurred. 

Over time, assets, financial contributions, and even efforts like raising kids or maintaining the home become intertwined and it can be perceived that both parties have contributed equally, or near equally, to the accumulation of assets, and the property division might reflect a more balanced approach.

In Australian family law, future earnings aren’t typically considered a divisible asset in property settlements. However, a significant difference in earning capacities between spouses can influence the division of existing assets, potentially favouring the lower-income earner to achieve a fair outcome.