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Sarah Bell (Left DBH)

- 20 Apr 2021
  • Family Law

Dividing Assets – What are my options if our property pool is under $500,000?

My spouse and I are in the process of separating and dividing our assets. Our main asset is our family home, which still has a mortgage, so we don’t actually have a lot to divide. However, we are still struggling to reach an agreement.

Is there a cheaper way to get the matter into court than the usual process which we understand to be quite costly?

Parties who have a net asset pool of under $500,000 have the option of filing an Application for alteration of property interests in the PPP500 List of the Federal Circuit Court, which stands for “Priority Property Pools under $500,000”.

This list was designed to accommodate parties with modest assets and ensure that the court process is as efficient and cost effective possible for people in those circumstances, by way of the following features:

  1. Simplified Court forms
  2. More Registrar involvement than the involvement of a Judge
  3. Reduced waiting periods
  4. Simpler processes including dispute resolution processes
  5. Reduced court hearings
  6. Referrals to appropriate services where possible

In order to qualify for the PPP500 List the matter must not include parenting applications and must also be absent of any complex aspects (such as the existence of trusts, companies or self-managed superannuation funds).

If you would like further advice on whether you may qualify for the PPP500 List, please do not hesitate to contact one of our experienced family lawyers today.