When parties have separated they will need to reach an agreement to formalize the division of the property of the parties. Property settlement orders seek to comply with the finality principle which seeks that financial arrangements of the parties be brought to a formal ending within a reasonable time. Click here for more information on Property Settlements.
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Expert Valuations
If there is a business or company involved in the separation, an expert valuer or accountant may be required. Employment capacity, income earning capacity, health, age and superannuation entitlements together with the length of the marriage or relationship along with many other factors are all taken into account.
Finally, the proposed agreement of the distribution of property needs to be fair and equitable.
There is a lot of family law case law dealing with the calculation of what is a fair settlement. Every case is different.
It is not recommended that parties rely on previous cases or on advice from friends or family about their case because the parties’ own circumstances will be different in every case.
Property is broadly defined and will include assets owned by a party overseas. Property also includes assets acquired solely by a party before and after the relationship.
Superannuation
Superannuation is also treated as part of the matrimonial property, however, there are different rules applies to de facto relationships in Western Australia when considering superannuation entitlements.
