Our asset pool is small. My partner and I do not agree about how to split it.
With small asset pools it is often not cost effective to start Court proceedings. If you have tried mediation and negotiation with the help of lawyers, you may have no option but to ask the Court to decide who gets what.
In March 2020, the Federal Circuit Court of Australia introduced a new process, the PPP500 program, to manage family law property disputes for cases where the value of the net property pool is under $500,000. The PPP500 provides a simplified way of resolving property disputes, which will minimise risk and legal costs, and best preserve the parties’ assets.
The PPP500 program provides:
- Intensive monitoring by the Court to ensure financial documents are provided and valuations are undertaken in a timely manner.
- Reduced delays in getting financial cases through the mediation process.
- Expanded opportunities for you to discuss and take ownership of your dispute resolution planning.
- Opportunities for settlement during the early stages of your matter.
- Where possible, unnecessary court appearances are eliminated, and the number of Court appearances reduced; and
- Referral to appropriate services is made proactively.
If you would like further information about the PPP500 program and assistance to divide your assets after separation, or you would like to discuss your options please contact one of our team members on 03 9070 9839 or info@sagefamilylawyers.com.au
