When relationship ends, there are three ways on how to divide your property between you and your former spouse. It can be by agreement, by going to court, or having a service on family dispute resolution to help you reach an agreement to final.
Though you can reach an agreement on property settlement without filing documents to the court, it is still a better idea to get legal assistance prior to the beginning of negotiations, and again prior to signing of any agreement.
This section is applicable to individuals who got married and are now divorced or separated from a partner, or to those who have their marriage annulled. This is also applicable to de facto couples which included couples with same-sex who have been separated after March 1, 2009.
For couples who are not married and those who are separated before Mach 1, 2009, different legal rights apply to them.
What are the things that can be divided?
Property involves assets, the things that you own, and liabilities, the things that you owe money on. These variables may be owned individually; with other persons or another person, or by family company or family trust.
- Real estate which includes the family home
- Insurance policies
- Debts including loans, mortgages, personal debts, and credit cards.
- Any other assets including jewelry, cars, or even furniture.
All items or anything can be considered and placed in the property settlement mandurah. It doesn’t matter who among the parties bought an item; who has the name on the document, or who made the debt.
Remember, you need to arrange valuation of all your marriage or relationship’s assets or properties.
The family house
Keep this in mind: you don’t lose the right to a share of your home or your other property if ever you leave the house.
If by court order or by an agreement, one party gets the house then the other will surely have a right for a fair share of the assets. And this would mean that whoever from the parties stays in the house will have to buy the other party’s share of the home or will refinance in their sole name the house’ mortgage.
Being part of the property settlement, the superannuation might be split in order for the portion of the superannuation entitlements to go to the other individual when the proper policy is paid out.
This superannuation might be a huge asset in the property settlement Mandurah. And since the law is quite complicated, especially to people not in lined with legal processes, it is best to get legal advice.