When a couple decides to end their relationship or marriage, one of the most challenging and complicated aspects of the process is dividing their assets and property. The process of property settlement involves the fair and equitable distribution of assets and liabilities, including real estate, bank accounts, investments, superannuation, and debts. Ideally, couples would have a binding financial agreement (BFA) in place that outlines how their property will be divided in case of separation. However, not all couples have a BFA, which can make the property settlement process more difficult and complex. In this article, we will explore your options for property settlement without a BFA and how estate lawyers can help.

Understanding Property Settlement

Property settlement is the process of dividing a couple's assets and liabilities when they separate. This process can be initiated by either partner, and it can be done either informally or through the family court. In Australia, the Family Law Act 1975 governs the property settlement process and outlines the principles that courts use to determine a fair and equitable distribution of property.

When dividing the property, the court will take into consideration a range of factors, including:

  • Both parties' current and future needs
  • The financial and non-financial contributions of each party to the relationship
  • The length of the relationship
  • The age and health of each party
  • The earning capacity and financial resources of each party

Alternatives to BFAs in Property Settlement

Despite not having a BFA in place, there are still several options available for property settlement. 

  • Negotiate a settlement between yourselves or with the help of lawyers. Property disputes can be effectively and cost-effectively resolved by negotiating a settlement, as both parties have a voice in the outcome. Negotiations can take place through mediation, collaborative law, or direct negotiations between the parties' lawyers.
  • To seek the assistance of a family law arbitrator. An arbitrator is a qualified and impartial third party who can make legally binding decisions on property disputes. It's easier and more cost-effective to settle disputes through arbitration rather than go to court since parties don't have to go through the lengthy court process.

A property order can be obtained from the family court if negotiations or arbitration do not succeed. The court will make a decision on the property settlement based on the principles outlined. Going to court can be a time-consuming and expensive process, but it can be necessary in cases where the parties cannot agree on a fair and equitable division of property.

Also Read  How To Split Property When The Binding Financial Agreement Is Not Made?

How Property Settlement Lawyers can Help

Property settlement lawyers can assist you with all aspects of the property settlement process, including negotiations, arbitration, and court proceedings. They can provide legal advice and guidance on your rights and obligations, as well as help you understand the legal implications of any proposed settlement. They can also help you prepare and lodge the necessary documents with the court, and represent you in court proceedings if necessary.

If you are considering a property settlement without a BFA, it is essential to seek the advice of an experienced property settlement lawyer. Property settlement lawyers have the knowledge and expertise to guide you through the process and help you achieve a fair and equitable outcome.

Finding the Best Property Settlement Lawyers

When it comes to property settlement, it is crucial to work with the best property settlement lawyers in Perth. The right lawyer can make all the difference in achieving a fair and equitable outcome. When looking for a property settlement lawyer, consider their experience, qualifications, reputation, and communication skills. Look for a lawyer who has a track record of successfully resolving property disputes, and who can provide you with clear and concise legal advice.

Conclusion

In conclusion, property settlement is a critical aspect of divorce proceedings, and it's essential to understand how to divide property when there is no binding financial agreement in place. Seek the advice of a property settlement lawyer, understand the legal framework, gather documentation, consider mediation, and be prepared to compromise. It's also a good idea to get help from estate lawyers to plan for the future and protect your assets. If you're looking for the best property settlement lawyers in Perth, do your research and choose a lawyer with experience in handling similar cases. With the right legal guidance, you can navigate the property settlement process and move forward with confidence.