You and your ex feel ready to divide up your property. But where do you start?
The first step is to have estimated values of how much you both think your property is worth. Many people think that some types of property, like superannuation, has to be valued at the date of when you and your ex separated, while property like the family home should be given its current value.
This is incorrect. The Court needs the current value of all of your’s and your ex’s property. This means that the family home, bank accounts, superannuation, investments and any vehicles you and your ex own need to be assessed at their current value.
Simply put the Court uses the current value because you can only divide what exists at the time you begin the property settlement proceeding – you can’t divide what you don’t actually have.
You and your ex must agree with the current value that you think the property is worth. Otherwise, you will be required to obtain a valuation from an expert property valuer.
You should consider having a property settlement sooner after your separation rather than later, because the make up and the value of your property can change significantly over time.
What seems a straight-forward task can become complex and time-consuming. We can help you through the property settlement process to assist you to get the best outcome for your particular situation.
Wayne Dawkins is a Perth Family Lawyer, call him on 9214 3887 to discuss your property settlement or contact us through our website.