Property settlement is quite a common phenomenon, especially after separation or divorce. You can file a motion for Property Settlement in Beeliar either a family court or a federal magistrate court, depending on the situation.
It is a good idea to take the help of a property lawyer when you are faced with situations where property settlements become imminent. You should also be aware of the process the court uses to assess such settlements. This process can be divided into four steps.
1. Establishing and Valuing Assets
The first thing a court will do is to pool all of the assets that have been acquired both before and during a marriage. These assets range from real estate to jewelry. It doesn’t matter if you bought a car with your money; the court will consider it to be a part of the combined assets of both parties.
2. Calculation of Contribution
The court will then proceed by calculating financial and non-financial plan made by both parties. This will include the part you played as a homemaker or the inheritance you received during the course of the partnership.
3. Calculation of Future Needs
Rather than merely analyzing the past needs and standing of the two people, the court also takes into account any future needs that may arise. For instance, if the mother has the custody of the children, the father is liable to pay for their support.
4. Considering the Practical Effects
This step calls for a full disclosure by both sides about their current financial standing and what effect would the property settlement have on them. People who fail to be transparent during this stage risk being subjected to heavy penalties.
Since a property settlement can be quite complex, it is advisable that you avail the services of an expert who can represent you in court and provide you with the best agreement that you can get.