Property and Financial Settlement
When a relationship breaks down there are a lot of loose ends. There’s living arrangements, child support and parenting arrangements, and of course the division of property and assets. Property and financial settlement lawyers in Perth can help separating couples negotiate the muddy waters of “who gets what”. Even the friendliest separations require a proper settlement, and for difficult separations the process ensures a fair split when the couple cannot agree.
What is a property settlement?Property and financial settlements divide up property owned or controlled, independently or jointly, by couples when their relationship ends. The result is a fair and equitable division of assets and liabilities. Sometimes the agreement is reached by the separating couple and finalised by their family lawyers. Other times the process is fraught and the Family Court steps in, applying tests to decide how property is split. We previously wrote about common misconceptions in property divisions which you can read here. Although they require a Family Court application, settlements are normally negotiated without the need for a trial. At Leach Legal, our Perth property and financial settlement lawyers will outline your options including negotiated settlements, arbitration, mediation, and Court proceedings.
What is includedIn the sense of a relationship “property” refers to assets, including superannuation, financial holdings, and liabilities under ownership or control of one or both parties. If that sounds confusing, it’s because it can be. Below is a list of common examples. Our Perth property and financial lawyers can go through your assets with you for a better understanding of your legal standing.
- Family home
- Rental properties and holiday homes
- Commercial property
- Bank accounts
- Share portfolio
- Interest in businesses
- Trust entitlements
- Vehicles including boats, jet-skis etc.
- Antiques and artwork
- Car loan
- Business-related debt
- Credit card debt