Property Settlement Lawyers in Perth

Financial/property settlements are used interchangeably to describe the division of finances, assets and liabilities following the breakdown of a relationship. Financial/property settlement applies to both married and de facto relationships.

After you have separated from your spouse or de facto partner, it is important to consider a financial/property settlement so that any finances, assets or liabilities can be divided.

You can commence Family Court proceedings for a financial/property settlement as soon as you separate, even if you have not yet started divorce proceedings or are still living together.

A financial/property settlement is based on the ‘asset pool’ of the relationship. This is a calculation of all assets (money, savings, properties, businesses, cars, investments, superannuation, and any other personal belongings) and all liabilities (mortgages, car loans, credit cards, any other debts).

The assets and liabilities are those that are held at the time the final agreement or decision is made, not at the time of separation. It is therefore recommended that you commence a case for financial/property settlement promptly as any assets, inheritance, compensation, or redundancy payments, and any liabilities accrued since the date of separation, could still be included in the ‘asset pool’ up until a final settlement is made.

You should still consider a financial/property settlement even if there are no or limited assets or liabilities to be divided. This is because depending on the circumstances, your spouse or ex partner could still make an application to the Family Court for financial/property settlement several years after your separation and any division could include all finances, assets and liabilities that you hold at that time even though you have been separated for some time.

If you have a Binding Financial Agreement or Prenuptial Agreement in place already then your assets and liabilities should be divided in accordance with the BFA. If you are unsure as to how to execute or enforce the terms of the Binding Financial Agreement, or your spouse or ex-partner is not co-operating, then you should seek legal advice from a family lawyer.

When trying to reach a financial/property settlement, you should first try reaching an agreement with your spouse or ex-partner. If you are able to reach an agreement then you can apply for Consent Orders or enter into a Binding Financial Agreement.

If you are unable to reach an agreement then you may wish to consider other ways of reaching an agreement such as mediation, dispute resolution, or instructing a family lawyer to negotiate on your behalf.

If all other attempts at reaching an agreement fail, then you may need to consider making an application to the Family Court to commence Court proceedings.

When considering an application for a financial/property settlement, the Court will generally consider the following factors:

• The parties’ initial contributions – did either party have any assets or liabilities at the start of the relationship;
• Financial contributions – what did each party contribute financially during the relationship;
• Non-financial contributions and contributions to the welfare of the family – What did each party contribute to the care of the children, cooking, cleaning, home maintenance, DIY, gardening, etc;
• Future needs – does one party have greater needs than the other due to their age, care of children, health, working ability, etc;
• Just and equitable – having regard to all the circumstances is the proposed division of assets and liabilities just and equitable, which is the Court’s version of ‘fair’.

The Court also considers other factors such as the length of the relationship and any inheritance, redundancies, or lump sums that may have been received.

Court proceedings can be stressful, costly and very lengthy. It is important to seek legal advice as soon as possible so that your circumstances can be assessed and you can progress your matter in the most beneficial, efficient and cost effective way possible.

A financial/property settlement can have an impact on your Will and any binding death benefit nominations in connection with your superannuation. It is important to review and, if necessary, update these documents after separation to ensure that your assets are received by your intended family members.