There are several common mistakes that people make regarding their financial settlement when separating from their partner in Western Australia. These include:
Failing to obtain legal advice: One of the biggest mistakes people make is failing to seek legal advice early on in the process. This can result in a person not fully understanding their legal rights and entitlements and can lead to an unfair financial settlement.
Not documenting agreements: Another common mistake is failing to document any agreements that have been made between the parties. This can lead to disagreements down the track and make it difficult to enforce any agreements that were made informally.
Not disclosing all assets: Both parties are required to provide full and frank disclosure of all assets, liabilities, and financial resources when negotiating a financial settlement. Failing to disclose all assets can result in an unfair settlement.
Rushing the process: Separation is a difficult and emotional time, and many people want to finalise their financial settlement as quickly as possible. However, rushing the process can result in an unfair settlement and can cause mistakes to be made.
Not considering future needs: When negotiating a financial settlement, it is important to consider both parties' future needs. Failing to do so can result in an unfair settlement, particularly if one party is left without adequate financial resources.
Agreeing to unequal settlements without understanding the consequences: Parties may agree to an unequal settlement without fully understanding the consequences of such an agreement, particularly in relation to property division. It is important to obtain legal advice and fully understand the consequences before agreeing to an unequal settlement.
It is important to seek legal advice and take a measured approach when negotiating a financial settlement. This can help avoid common mistakes and ensure that both parties receive a fair settlement.
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