Separating your finances includes all of your assets and liabilities in your sole name or in joint names. It also includes superannuation if you are married.
It is important to obtain legal advice regarding your rights and entitlements as soon as possible after separation. This will help you make informed decisions and guide you to achieve the best resolution for you and your ex-partner. Our Family Lawyers at West Coast Legal in Perth are able to offer you professional and helpful advice regarding your finances to ensure that you know what you’re entitled to.
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I highly recommend them to anyone seeking assistance with any family legal matters. They are very professional, attentive and caring team who manage to achieve a very successful outcome. Thank you
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If you wish to understand the process used to decide who should retain the assets and liabilities below is a simple explanation:
There is a four step process used by the Family Court and family lawyers to guide you through the process of dividing your assets and liabilities.
The first step
The first step is to look at all the property that is owned by you and your ex-partner. That is, property separately owned and also jointly owned between you and your ex-partner. This may also include property owned by another person if either of you have a claim to that property.
Examples of property include houses, blocks of land, businesses, shares, motor vehicles, boats, yachts, trailers, savings, and furniture. Also superannuation will be included if you have been married. If you have been in a de-facto relationship, the superannuation will not be included as property but is looked upon as a future financial resource.
Also included is any debt such as mortgages, credit cards and loans which results is determining the net value of the assets.
The second step
The second step is look at the financial and non-financial contributions that each of you contributed at the beginning of the relationship and also during the relationship.
Financial contributions include wages, inheritances, gifts from your parents or others and savings that you may have had at the commencement of the relationship. This may include debt that either of you had accumulated prior to the relationship and was consequently paid off while you were together.
Non-financial contributions include taking care of your children and also housework and gardening.
The third step
The third step is to look at the future needs of both of you. This may include factors such as your future earning capacity compared to that of your ex-partner’s. This future earning capacity can be affected by the type of work you both do, who is going to take care of the children and if either of you have health issues, including mental and physical health. The court may make adjustments to the division of the property between you both based on future respective needs.
The fourth step
The fourth and final step is to consider whether the division of the property is just and equitable between you both given the circumstances you are both in. In relation to the Court, this may result in a final adjustment depending on each person’s particular circumstances.
Are there any time limits to getting a property settlement?
If you are married to your ex-partner, you have 12 months from the date your divorce becomes final to seek a property settlement through the Family Court.
If you were in a de-facto relationship with your ex-partner, you have two years from the date of separation to seek a property settlement through the Family Court.
There are some limited circumstances where the court will grant an extension to these time limits. However, you should seek immediate legal advice if you are close to or have passed the time limit and want to seek a property settlement.
Tannis Arnold
Partner/DirectorHello, I know it can be a stressful and worrying time for you when going through a divorce or separation. I am committed to providing you with personalised and effective advice. I am also passionate to obtain the best outcome for you at a cost effective and affordable price.
Tannis Arnold