14/08/2024
When you apply for a property settlement, the Court uses a ‘4-step’ process to determine the application. At PACT Mediation, we follow the same process in assisting clients to negotiate their financial arrangements.
1. Establishing the asset pool & liabilities:
Identifying the assets, liabilities and financial resources of the parties including any debts, inheritances, superannuation and any assets or liabilities incurred during the relationship and post separation.
2. Contributions throughout the relationship:
Looking at your financial story upon entering the relationship, financial and non-financial contributions throughout the course of the relationship including homemaker duties and the care of the children and contributions after separation.
3. Future considerations:
As stated under s75(2) of the Family Law Act, factors that are taken into consideration may include:
- the age and health of the parties
- care arrangements for the children
- income, property, financial resources and income earning capacity of parties
- care arrangements for the children
4. Just and equitable outcomes:
- Just and equitable outcomes based on the parties' circumstances.
- Ultimately the Court will determine what is a fair outcome for the parties whilst taking into consideration the aforementioned steps.
Property mediation is a voluntary process that relies upon full and frank disclosure and being adequately informed by legal representatives, financial advisors and any other third party that may be relevant to assist in the decision making process.
Contact our team today for more information:
https://www.pactmediation.com.au/contact