What is the four-step process for divorce property settlement?

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You can apply to the family court or to the main authorities for the Orders of the property settlement. According to the Family act 1975, the Family law stipulates a 12 month time restriction time which is strictly for the couples after they have divorced. This time is granted to them so that they can apply for the property settlement.

If you want to try and reach out to an agreement to make with your ex-partner, you can get the advantage in this aspect and can divide your assets with your ex-partner.

For divorce settlement Australia, the court wants the couples to make genuine efforts so that they could make an agreement with mutual consent before there is a need to approach court for decision making.

Following mentioned is the four step process which is essential for you to follow for your property settlement case:

  • Valuation of assets

When you are filing the case, all your assets are valued and taken into the account. All the assets are counted regardless of their nature and the time they were occupied by the owner. The assets occupied after divorce before the case have been filed are also counted. The property which is evaluated includes all the types of real estates, jewelry, cars, furniture and shares etc.

  • Net assets pool

The second and the equally important step is to calculate the contributions of the partner to the part he or she has been playing in their wedding life. The evaluation is made on the basis of both emotional and financial basis. Gifts, inheritances and all the sorts of valuables received throughout their marriage.

  • Future needs of the partners

The adjustments and the future needs of both the partners are also ascertained at the time of division of property.

The future needs may include the expenses on health, property maintenance and care, supporting and taking care of children etc.

  • Practical impacts

This is the last but the most important thing to do. In this step the expected effect of the property settlement is assumed and this is tried to attain in an equal ratio.

Both the partners involved in the property settlement case have their rights to make honest disclosures regarding whatever they feel or want to say. The disclosure is necessary otherwise there could be very serious consequences.

The settlement of the property is another issue but the agreement is needed to be made by following all the necessary steps.

By following the above mentioned steps, you are sure to get the case resolved soon until you are fair and honest regarding your disclosures of the property. Know complete details before filing the case.

Mathews Family Law & Mediation Specialists is a reliable firm with respect to quality and value representation in our family law, divorce and mediation services. Our specialist family lawyers and mediators are widely recognized experts in the family law field.