Property Settlement and Financial Matters
Following separation, married or de facto couples usually need to consider property settlement and financial matters. This involves dividing the assets and liabilities of the marriage or de facto relationship according to Australian family law. This may require obtaining an order from the Family Court.
In Western Australia, the financial relationship between married or de facto couples is usually not terminated until an order has been made by the Family Court of Western Australia in respect of property settlement and financial matters.
A property settlement order can be made by consent (agreement) or, if you are unable to reach agreement, by a Judicial Officer of the Family Court.
Bodekers Family Lawyers & Mediators can assist you to resolve property settlement and financial matters through less adversarial approaches such as mediation, mediation style conferencing and informal conferencing.
We provide advice as to the range of your entitlements under the Family Law Act, the Family Court Act, other relevant legislation and case law.
Until property settlement and financial matters have been resolved you should arguably treat all assets and liabilities as assets and liabilities of the relationship or marriage regardless of when they were obtained or whose name they are in. This can include the family home, investment properties, mortgages, shares, motor vehicles, businesses, taxation liabilities and business liabilities.
In Australian family law the usual approach taken to divide assets and liabilities is a four step process as follows:
- What are the assets and liabilities?
- What contributions did each party make?
- What are each the “future needs” of each party?
- Is the division “just and equitable”?