Separating from an ex-partner or getting divorced is often a difficult time to live through. On top of that, not being able to fully agree with your ex-partner on property settlement can make things worse. Whether you and your ex-spouse are going separate ways on amicable terms or not, it is natural to be curious about the division of assets. Read on to get a clearer picture of how family law property settlement works and what you can expect from your lawyer and the courts during such a tough time.
Property Settlement After Divorce
The complexities of divorce property settlement Perth locals go through can be different from couple to couple. If you’re married, you must apply for property settlement within 12 months of divorcing and de facto couples must do so within 2 years of separation. Note that a de facto couple must:
- Be residing together for at least 2 years, or
- Have a child together, or
- Have made significant financial or non-financial contributions to their relationship.
In property settlements, the assets and liabilities of a married or de facto couple (including same-sex couples) are divided amongst them, by order of the Family Court. All assets, whether in joint ownership, your name, your spouse’s name, or in the name of a company or trust, are subject to being split. This includes anything which has value, such as real estate, cars, money in bank accounts, and even less obvious things like inheritances or shares in a company.
Every divorce or separation has unique circumstances, which is why there is no law stating that the division of assets must be exactly equal. In fact, several factors are considered such as the duration of your relationship, financial and non-financial contributions of both the parties, parenting contributions, future needs of both the parties, etc. It is up to the Court to make an equitable and just decision for both parties. Getting your interests represented in the court by a trustworthy lawyer is hence very important.
Family Law Property Settlement and Consent Orders
At Mosaic Settlements, we take care of the conditions set out in your Court Order for the transfer of property. Our expert team ensure the transfer of land form is correctly prepared, attending to the lodging and stamping of your documents with the Office of State Revenue. In the end, we ensure the transfer is completed properly and the funds are disbursed as per the consent order.
Contact us for Family Law Property Settlement
We understand the complexities of divorce property settlement Perth locals go through. If you have more questions, allow our expert lawyers to help you in this troubling time. Reach out to Mosaic Settlements when your Court Order is finalised. We treat our clients like family!