When it comes to setting family law property cases in court, it can be difficult for parties to agree on specific priorities. In many cases, each side wants to ensure that they receive the best possible outcome, and this can often lead to disagreements and conflict.
In particular, when net assets are valued at $500,000 or less, it can be difficult for parties to agree on what should be considered a priority.
The Priority Pool Process is designed to encourage people to resolve their property division as quickly as possible with the court’s guidance and approval
For example, should the focus be on ensuring that each party receives a fair percentage share of the net assets? Or should one party keep the real estate and the other party the cars, cash or superannuation?
These are the types of questions that can come up when dealing with property cases. It can often be difficult for parties to agree how to divide property following separation, and this can lead to drawn-out and expensive legal proceedings.
That is why the Federal Circuit and Family Court of Australia has developed the Priority Property Pools list or PPP500. This court-based program pursuant to sections 79 (for married couples) or 90SM (for de facto couples) of Family Law Act 1975 specifically deals with property division for couples where the total value of the net property pool is valued at $500,000 or less.
The following are the requirements for a case to qualify for the PPP500 list:
- The net property pool in question (including superannuation) is worth $500,000 or less;
- Neither party is asking the Court to make orders regarding children or child support matters. Only financial cases qualify.
- There are no complex entities (such as companies, family businesses, family trusts, or self-managed superannuation funds) that would need to be reviewed in detail by a professional valuer.
The Priority Property Pool list is a great resource for those separated couples whose net combined asset value is $500,000 or less. The program is specifically tailored to help reduce the expense of continuing the dispute. The Court’s aim is to see PPP500 cases handled efficiently and cost-effectively.
The PPP500 includes:
- Streamlined Court forms that help to narrow down the issues in dispute
- A focused triage system, with a Judicial Registrar overseeing the initial phases of each case
- Orders for disclosure and valuations being made as quickly as possible
- Dispute resolution events, such as a mediation or Conciliation conferences taking place, as quickly as possible
- Expedited trial dates where parties cannot come to an agreement
- Where possible, a limited amount of appearances required on the part of each party to a matter
- Referral to a judge for case management where the case is taking too long
In layman’s terms, the Priority Pool Process is designed to encourage people to resolve their property division as quickly as possible with the court’s guidance and approval.
When the parties to a property dispute in the PPP500 can’t reach an agreement, the court will look to set an early trial date. This is to try to keep costs down as it eliminates the need for multiple appearances and more extensive disclosure that can apply in larger property pool cases.
Let our top-rated lawyers at Arbon Legal Group assist you in navigating the Priority Property Pools process. We have a wealth of experience in dealing with property division and can help you get the best possible outcome for your case.
Don’t let the complex process of property division drag on any longer. Contact Arbon Legal Group today and let us help you resolve your matter quickly and efficiently.