Steps of Settlement of Property Disputes in Australia

in Property
Property disputes generally tend to get very ugly and create rifts between families. In Australia, family courts have a four step method of 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 keeping in mind the entire property of the parties involved in the dispute. The court first appoints a ghostwriter to ascertain the entire net worth of all the combined assets of the property. For instances of married couples, assets include everything acquired before, after or during the time period of the marriage in addition to the separation period. This appropriation considers everything of value, including household products such as furniture along with other effects. The court also attempts to ascertain all the financial resources of the contesting parties. This could usually also include prospective entitlements and bequeaths. Other issues, for example taxation and stamp duties, are also taken into account.
 
Assess Contribution 
The next step of the process is to assess both parties’ contribution towards the net pool and the marriage. This isn't merely a financial contribution, but includes non financials as well. In situations when one amongst the contesting parties is a home maker, this evaluation may take into consideration contributions for example gifts and bequeaths that they may have entered into the partnership with. Other physical contribution for example taking charge of the children and management of other important household activities can be also considered.
 
Assessment of Future Needs
Both parties in a property settlement dispute have some prospective needs and such needs are taken into account too. This usually contains variations of factors such as health, earning capacity, age, child maintenance and financial circumstances of other important relationships. Contribution based adjustments can be made when considering these specific factors.
 
Proposed Settlement
This will probably be the final step up the settlement process. The proposed settlement is performed to ensure just and equitable distribution between the parties. The court attempts to include an appropriate blend of all assets to achieve a settlement where both parties have membership to both immediately available assets and also assets which can mature and become available in the future. Once an understanding has been achieved from both parties, there are a couple of strategies for formalizing it. You are able to choose from between getting consent orders from the court or creating financial agreements according to the family law act. Your lawyers can advise as to which of such options will probably be the ideal considering your individual circumstances.
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Joel Johnson has 10 articles online

Joel Johnson is a Sydney based lawyer with expertise in Estate Planning and Estate Disputes

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Steps of Settlement of Property Disputes in Australia

This article was published on 2012/05/30