January 17, 2018
Separation & Divorce
In our last post, we looked at how the Family Law defines property. Today, we want to share with you the three steps of property distribution.
When it comes to property settlements, it’s not just about what you own and owe; it’s about what you’ve contributed, the roles you had during your relationship, and who has made what contributions. All these factors are taken into account when dividing up Property. What each partner is likely to need in the future is also taken into account.
It’s important to note that you will not receive less in a property distribution simply because you brought in fewer dollars during the relationship or if you were a homemaker.
Lawyers are often criticised for complicating the law and making it almost impossible to understand. We are going to do the opposite – even at the risk of being accused of being simplistic – and explain the principles of property or financial distribution in a very straightforward way.
You only have to answer three questions to decide who is entitled to what property:
Although some lawyers may make the process seem far more complicated, this is how it works.
In Step 1, you determine the net pool available to be split, which is expressed as a dollar figure.
In Step 2, you work out what each party brought to the relationship. This can include
At the end of this step, you express each party’s contributions in percentage terms, such as 60% to 40% or 50% to 50%
In Step 3, the Family Law will assess any further adjustments. These are called the section 75(2) factors as they are laid out in s75(2) of the Family Law Act. They take into account each partner’s situation and include the following.
It also includes “any fact or circumstance which, in the opinion of the court, the justice of the case requires to be taken into account.”
In simple language, this last factor means that the law permits a judge to take into account virtually anything. This is why it’s a good idea to avoid court, and use solution focused family mediation, as both parties are in control of the outcome (not to mention avoiding the enormous court costs!)
If you have any questions about property settlement and family mediation, please get in touch here.
Accredited Family Mediator in Perth
Ian’s commitment is simple—to help keep separated couples out of the Family Court and minimise their need for lawyers, saving them time, money and anguish. Under Ian’s guidance, separated couples are able to Move On with their lives through family mediation.
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Relationships
Navigating co-parenting as divorced parents can be challenging but, with the right tools and mindset, you can create a harmonious environment for your children. Open and effective communication is the key to making this work.
September 27, 2024
Mediation
What happens after family mediation depends entirely on whether you reach agreements on all, some, or none of the issues you are seeking to resolve.
The process was so much quicker and easier than I anticipated – after everything I have heard about lawyers! And it was re-assuring for me to know how much it was going to cost at the start, not when it was all over. Thanks, Ian. I’d recommend you to anyone who wants a solution seeker and quick results.
— Bree F, Fremantle WA
Ian, your patience and persistence really helped us get to an agreement I thought we could never reach. I’d recommend you to anyone who wants to get family issues resolved as painlessly as possible.
— Michael G, Safety Bay WA
Thank you once more for your kindness, wisdom and counsel.
— Georgie N, Wangara WA
Ian worked hard to enable us to reach an agreement. He was always happy to discuss and explain everything we needed.
— Cathy & Steve, Subiaco WA