We understand that the process of breaking up can be a very emotional and frustrating experience. However, it is important to understand all the factors that courts consider when creating a real estate settlement order to ensure you get the best possible outcome.
If you are searching best and experienced lawyers for your own family legal matters then you must find reliable property settlement lawyers in Australia that really helps you for the smooth legal process.
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Courts take a four-tier approach to property matters. First, the Court determines the net worth of the property, second, the Court determines what contribution each party has made to the marriage, third, the Court assesses the future circumstances of the parties, and fourth, the Court makes a fair decision in all case situations.
The first step – property values
The court will determine the identity and value of the property and obligations and financial sources of the parties at the hearing. You need to specify:
• The things you bring into the relationship;
• Property acquired during the relationship;
• Property that you and your partner share;
• The value of each property item; and
• Debts that you and your partner have.
Second step – contribution
The court will determine and evaluate the contributions of the parties to the marriage.
• Financial contributions you make during the wedding, including:
- Installments you make to pay the mortgage/rent;
- The contributions you have made to the daily expenses of the family; and
- Any gifts/inheritance you receive during the wedding.
The court will examine the implications of the above decisions and decisions and decide which orders are fair and appropriate in all circumstances in an individual case.