Following the breakdown of any marriage or de facto relationship, issues often arise as to the division of property and each person’s ongoing financial support. This article addresses some of these issues and ways to settle property in the event of a separation or divorce.
A property settlement between you and your former spouse or de-facto partner can be finalized in a number of ways including entering into consent orders, or making an application to the Family Court.
In determining a property settlement application (whether concerning a married couple or a de-facto couple), the Court will consider the following steps:
- Identify and value the assets and liabilities of the parties.
- Assess the contributions made by each party including financial contributions, non-financial contributions and contributions as homemaker and parent.
- Consider a range of factors set out in section 75(2) of the Family Law Act or section 205ZD(3) of the Family Court Act.
- Determine whether the resulting division is just and equitable.
The Court has discretion to make a range of Orders to give effect to a property settlement.
These orders include the following:
- order the payment of a lump sum property settlement, whether in one amount or by instalments.
- order payments of a weekly, monthly, yearly or some other periodic sum.
- order that a transfer or settlement of property be made.
- appoint or remove trustees from entities in which the parties have an interest.
- order that payments be made directly to a party, to a trustee to be appointed or into court or to a public authority for the benefit of a party.
- impose terms and conditions.
- make an order by consent.
Don’t hesitate to contact Kerr Fels to make an appointment concerning property settlement and to receive specific advice about your prospective property settlement entitlement.
The information provided in this article is of a general nature and should not be relied upon for your family law matter.
ABOUT KERR FELS
Kerr Fels is conveniently located in the Perth CBD.
Our team is experienced in settling complex divorces involving business entities, trusts and large asset pools, in addition to negotiating simple separations. Our philosophy is to provide client-focused cost effective, efficient and pragmatic legal advice.
P> (08) 6381 9080
L> Level 26, AMP Tower, 140 St Georges Terrace, Perth, WA, 6000