5 Common Questions About Property Settlement Answered

 

Property settlement refers to the division of property between two parties when the couple separates. Most property settlements involve division of property ownership, superannuation, and cash. Apparently, every circumstance involved in the process is different, which is why it is advisable to hire a family law firm in Mandurah WA for help and guidance. Here are 5 common questions about property settlement answered for you: 

Is Property Settlement Mandatory for Separating Couples? 

Property settlement negotiation is important. If not done, either party could come back and generate a claim in the future. If this is the case, the court would consider properties at the time of proceedings and not the date of separation. This means that any debt accrued would also be brought into the property pool, even if it’s after separation. 

Is Property Settlement Usually a 50/50 Split? 

Whilst a 50/50 split is quite common, this is not always the case. The court considers several factors before making a settlement. Some of them include the length of the relationship, money contributed by both parties, non-financial contributions, present and future needs of both parties, and more. 

What if my Ex Doesn’t Want Property Settlement? 

In some cases, one party wants property settlement while the other doesn’t. A family lawyer will get in touch with the other party suggesting property settlement or negotiation. If the party disputes it, a property settlement application will be produced and the court makes the decision. 

What are the Time Limits for Property Settlement? 

Apply for property settlement as soon as possible. Property settlements in Mandurah can be commenced even before divorce. Separating parties shall bring proceedings within: 

- 12 months of an effective divorce order (for married couple) 

- 2 years of separation (de facto couple) 

If a settlement hasn’t reached within the above-mentioned time limits, the other party could still bring an application in specific situations. 

How to Begin the Process: 

Hire an expert divorce lawyer in Mandurah who has a great experience in negotiating and resolving property settlement. Family lawyers will work upon your entitlements, and work on your behalf to move ahead with the process. They would recommend the best strategy for the settlement to happen efficiently. Furthermore, they will try everything there is to arrive at a settlement without needing to go to court. 

Going through separation is not easy, and property settlements can only make it even more cumbersome. For the best advice and assistance, get in touch with a family law firm today. 

The author is working in a leading family law firm in Mandurah WA for more than 4 years. He regularly writes about family and relationships in various publications. For more information, visit https://www.momentumfamilylaw.com.au/

Article source: https://article-realm.com/article/Finance/2170-5-Common-Questions-About-Property-Settlement-Answered.html