Navigating Property Settlement Agreements: A Guide to Resolving Disputes

Property settlement might be tricky, whether it’s between siblings, between partners, family members and especially during separation and divorce. Individuals should have a proper understanding of the basics of property settlement Perth and speak with the family lawyers to guide them in such situations.

 

Property settlement is known as a lawful allocation of the assets of an individual between his or her legal heirs. Property settlement agreements can occur between siblings, next or immediate in kin, and also between legally married partners.

 

One has the power to divide the property without taking the help of the lawyers, but keep in mind all informal arrangements with the partners are not considered lawfully binding.

 

That’s why it’s a good idea to call the property/family lawyers to make all the informal agreements and get them filed legally.

Property Settlement Agreements: The Types 

One will come across two types of property settlement contracts. Let’s learn about them through this section in detail:

 1.  Financial Agreements 

To make sure that the interests of both parties are completely fulfilled, a BFA or a “Binding Financial Agreement” will be the best option. To make the financial agreement, he/she doesn’t have to visit the Court.

 

However, both of the parties need to obtain legal advice from their property settlement lawyers in Perth and go through this particular process.

 

When both parties cannot reach a proper agreement for the property distribution, they should involve their lawyers to get the work done on their behalf.

 

But in some cases, one doesn’t have to bring the lawyers if he/she can settle the matter with the other party through mediation and dialogue.

 2.   Consent Orders 

The consent orders are compulsory for amicable property settlements. Doing so will make sure that one’s obligations and rights are completely fulfilled. Consent orders are viewed as lawfully binding contracts that describe the settlement’s conditions and get approved by the Court.

 

These types of agreements are enforceable even when one of the parties doesn’t follow the agreed division. To get it done, one should directly make an application to the Australian Family Court.

Who is Eligible for the Property Settlement?

When it comes to property settlement, knowing about the people who are eligible is important. In a general family structure, the immediate heir or next in kin would be eligible for ownership of assets. However, there are different rules and laws that exist in case of different relationships. Depending on whether it’s a property settlement case between siblings, marital partners or de-facto couples, the laws might change.

 

In the case of married couples, there are certain particulars that we need to keep in mind. Also, the Family Law Act 1975 is known as the legislation which governs the Australian Family Law System. All the couples who are or have been married and have ended their relationship are qualified for the property settlement. The separated couples who were in a de facto relationship are also qualified for the property settlement. But to qualify for the settlement, de facto couples have to fulfill the following criteria:

• One of the partakers of the de facto relationship has greatly contributed to the relationship.
• The de facto relationship for 2 years
• De facto couples had children/child together
• The relationship is or was registered in the respective territory or state.

The property lawyers Perth WA, will offer some helpful advice on such matters. These lawyers have helped many of their clients to receive the information and advice that will help them greatly in a property settlement.

 

Besides that, same-sex couples, whether they’re married or in a de facto relationship, possess the same rights as everyone when it comes to property settlement in Australia.

Under Property Settlement, What are the Things that get Divided and distributed?

Property includes liabilities and assets, which many people invest in. In this section, you will come across the common sorts of properties that might or might not get divided during the time of property settlement. These are:

• Vehicles and cars
• Investments
• Buildings
• Properties or lands
• Homes.
• Jewellery

Apart from these things, there are several others that can fall under the property settlement process:

• Mortgages
• Cryptocurrency
• Loans
• Stocks and shares
• Inheritance
• Superannuation
• Money
• Credit cards

These things stand out as some of the primary liabilities and assets. When individuals work on their asset pool for the property settlement, all things will be accounted for. However, property settlement disputes can be frustrating, and that’s when the best property settlement lawyers offer top-notch assistance.

How Property Gets Divided Under Property Settlements?

There are some criteria that help determine the property distribution within a settlement. This might include:

• Relationship shared between both parties
• Reasons or circumstances under which property settlement is taking place
• In couples, how long was the length of the partnership?
• In a marital relationship, whether or not one has children and who has the custody of the child.

In general, property settlements necessitate one of the parties taking possession of the house and purchasing out the portions of the other party involved. Or else the residence property gets sold, and the funds get divided equally between both parties. In any case, the top WA Property lawyers can help navigate the entire process.

Not Disclosing All the Assets: What Happens?

In a nation like Australia, the property solicitors Perth suggest not to disclose all their assets during the time of the property settlement. They have to provide all the information about their monetary resources and liabilities as well.

 

Doing so will help ensure transparency and fairness in reaching an equitable and just settlement of the property.

 

When one does not disclose all their assets and liabilities intentionally or provides misleading or fake statements about their monetary situation, it leads to severe consequences. The Australian Court will picture this behaviour as a breach of their duty of disclosure.

 

This will undermine the integrity of the settlement proceedings. Later, if the Court discovers that he/she has intentionally obscured all their assets, it will have a negative impact on the entire property settlement.

 

The Court will set aside all financial agreements or property settlement orders based on fake or incomplete information. Hiding the assets or providing misleading information can also lead to penalties for him/her.

 

Some penalties that one might get are fines, payment for legal costs, and various other remedies. The penalty will be issued by the Court itself.

How Much Time Does It Take for the Settlement to Complete?

The time to complete the property settlement work will rely heavily on various aspects. But it’s not possible to know how long it will take for the property settlement. Some of the factors that can have an impact on the settlement are:

• Whether or not the settlements should be shifted to Court to get resolved,
• The cooperation of the parties
• The asset’s complexities.

If both parties can resolve all the issues and agree through mediation, the property settlement will be done much more quickly without taking the matters to Court. So, the property settlement can take several months or years to complete. Assistance and guidance from the WA Property lawyers would be crucial in this regard.

Last Note

Property settlement procedures can be pretty complicated, especially when one doesn’t possess property understanding and knowledge about it.

 

So, the best way to gain more understanding is to learn how to resolve disputes and speak with property lawyers in WA. They are experts in handling such cases smoothly and will leave no room for errors.