Unlike the common belief that property division is simply a 50/50 split, Australian family law operates on a principle of a “just and equitable” division. This means each case is unique, and the court considers a wide range of factors to decide what is fair for both parties.
By working with an experienced Family Lawyer, you can protect your interests and navigate these complexities with confidence, aiming for a settlement that reflects your specific circumstances.
How Are Property Settlements Determined?
In Western Australia, property settlements involve more than just dividing what you own. The Family Court looks at the total value of assets and debts acquired during the relationship, including property, savings, superannuation, and even liabilities like loans or credit card debt, and what exists at the time of the property settlement is being negotiated or dealt with by the Family Court.
The Court firstly assesses whether it is just and equitable to interfere with existing ownership, rather than automatically dividing assets. The Court might find against altering property of the parties if the relationship was very short, finances were kept strictly separate, and if leaving assets in their current ownership causes no injustice.
In determining a just and equitable split of the assets, the Court assesses contributions made by each party, which may include:
- Financial contributions such as income, savings, or investments.
- Non-financial contributions like caring for children or maintaining the household.
The Court then looks at each party’s “future needs” and considers their respective ages, incomes, care of children and health (among many other factors) and consider if one party should receive an adjustment in their favour.
All these factors are weighed carefully to determine a settlement that is fair and equitable rather than automatically equal.
A percentage is usually assigned to the contributions assessment and “future needs” assessment and then that percentage applied to the division of the net asset pool.
Why Seek Legal Advice?
Property settlements can become complicated quickly, especially if there are disagreements or complex assets involved. An experienced Family Lawyer will:
- Help you understand your rights and obligations under Western Australian law.
- Assist in valuing and identifying all assets and debts to ensure nothing is overlooked.
- Guide you through negotiations or court proceedings if needed.
- Work towards a settlement that protects your financial future and is fair based on your unique situation.
Having clear, professional advice can reduce stress and prevent costly mistakes.
At Coastal Family Law, we know that every family’s situation is different. Our dedicated team provides personalised support to help you through property settlements with care and expertise.
We offer:
- Clear explanations of how property settlements work under Western Australian law.
- Strategic advice tailored to your individual circumstances.
- Skilled negotiation and representation to protect your interests.
- Support to resolve disputes efficiently, aiming for outcomes that minimise conflict.
With Coastal Family Law by your side, you can approach your property settlement with greater confidence and peace of mind.
