Many of our customers have a lot of questions regarding how the process of distributing property and other assets works in case of a divorce. As a result, our divorce lawyers in perth have brought together guidelines about what you need to know about divorce and property settlement.
Financial assets refer to all assets and debts owned by both partners, irrespective of registered names. Property like your family home, bank accounts, cash, investments, insurance policies, businesses, superannuation, vehicles, inheritances, and personal assets are some examples of personal assets. It includes all of your bills, including your loans, mortgage, credit card debt, and other personal obligations.
While considering how financial assets will be distributed, the Family Court usually follows a five-step process:
After the divorce, who pays the mortgage will depend on the situation and may include the payments at the time of the final divorce settlement. In a divorce, Family Law establishes criteria for property division based on contributions, earning power, rightness, individual needs, and what seems best for the children.
Experienced Divorce lawyers can suggest to you how to proceed with the case with various types of options. The primary earner continues to make mortgage payments and is eventually repaid by receiving a larger share of another asset. Another option is to share mortgage payments equally or in various proportions between the parties. Alternatively, by transferring a mortgage into their name, one individual can purchase the other’s portion.
Both partners are liable to the lender for the mortgage repayments if the loan is in both partners’ names. If money is not paid, the bank has the legal right to claim the property, which is usually not in either partner’s best interests. If one of the partners refuses to pay, the bank must be contacted immediately and make the temporary arrangements till the divorce is finalized. Another alternative is to sell the property and put the proceeds into a trust account until a settlement amount is made. In this case, experienced debt recovery lawyers can guide you with the right approach.
The Family Court will usually start by determining the asset pool and its worth. An asset pool is a collection of a person’s entire assets, and the court will use each person’s information to determine what all properties are included in the asset pool.
Real estate, furniture, automobiles, boats, money, businesses, and shares are all examples of property. It also includes property in which the parties have an interest, such as property owned jointly or in trust.
The court will then consider whether it is ‘just and equitable’ to intervene and modify people’s property in the second step.
The following are some of the factors that a judge may determine that property division is not equitable:
The Family Court will usually look at each person’s contribution as the third step.
A person can make one of three types of contributions:
The Family Court will consider the following:
The Family Court to consider each person’s future needs to see if there should be any percentage adjustment to guarantee an equitable property settlement. This is a forward-thinking exercise: what will each person require in the future?
The following are some of the most common issues that the Family Court considers:
Family law cases are complex for everyone concerned. Please contact Perth debt recovery lawyers if you require assistance with a family law dispute or for further information on how assets are distributed in Australia.
Outstanding Divorce lawyers in Perth.Fair, realistic and practical. Most importantly knows how to fight for clients when a more aggressive approach is necessary. Divorce Lawyers Perth have deep understanding of law. Thanks and recommending couples seeking divorce.
Very Professional and helpful in my Case. Thank you Divorce Lawyers Perth WA for the Support, expertise and guidance through my divorce process. 100% recommended in Perth area.
Highly recommended divorce lawyers Perth. Very knowledgeable, calm , methodical and they took away my friend lot of frustration & stress throughout the case . I must say they are best divorce lawyers in Perth.
Working with Divorce Lawyer Perth WA was a smooth and seamless process. I was highly impressed with the negotiation skills, attention to detail, and knowledge of the Divorce law. Highly recommended Divorce Lawyer in Perth, Western Australia