Property disputes have a tendency to get very ugly and create rifts between entire families. In Australia, family courts have a four step approach to resolving such property disputes. Here's how these property disputes are approached by the family courts in Australia:
Ascertain Net Assets
Property disputes are always resolved by taking into account the entire property of the parties involved. The court first appoints someone to ascertain the entire net worth of all the combined assets of the property. In case of married couples, the assets include everything acquired before, after or during the period of marriage as well as separation. This appropriation takes into account everything of value, including household products such as furniture and other effects. The court also tries to ascertain all the financial resources of the contesting parties. This would usually also include prospective entitlements and bequeaths. Other issues such as taxation and stamp duties are also taken into account.
Assess Contribution to the Asset Pool
The next step of the process is to assess both parties' contribution to the net pool and the marriage. This is not only a financial contribution, but also non financials. In case one of the contesting parties is a home maker, this evaluation can take into account contributions such as gifts and bequeaths that you enter into the marriage with. Other physical contribution such as taking care of the children and management of other important household activities are also considered.
Assessment of Future Needs
Both parties in a property settlement dispute have some prospective needs and these needs are taken into account as well. This usually includes a range of factors such as health, earning capacity, age, child support and financial circumstances of other important relationships. Contribution based adjustments may be made when considering these specific factors.
Proposed Settlement
This is the final step in the settlement process. The proposed settlement is performed to ascertain just and equitable distribution for both the parties. The court attempts to include an appropriate blend of all assets to reach a settlement where both parties have access to both immediately available assets as well as assets which may mature at a later stage. Once an agreement is reached between the two parties, there are two methods of formalizing it. You can opt for getting consent orders through the court or can make financial agreements under the family law act. Your lawyers can advise as to which of these options is the most appropriate considering your individual circumstances.
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