Changes to Federal Circuit Court Property Proceedings for Asset Pools Under $500,000
On 1 March 2020 the “Federal Circuit Court of Australia Practice Direction No.2 of 2020” came into effect. This practice direction sets out a different process for case management for cases that meet the definition of a Priority Property Pool under $500,000 case (“PPP500”) which allows for a more efficient and less expensive process to resolve less complex property matters in the Federal Circuit Court.
A case will be considered a PPP500 case if:
Generally, when a party is seeking property orders they are required to commence proceedings through the filing of an Initiating Application, an Affidavit and a Financial Statement.
For a PPP500 case, the requirement to file an Affidavit and Financial Statement is waived until:
Parties seeking property orders for PPP500 cases will only be required to file an Initiating Application and a PPP500 Financial Summary which will likely significantly reduce any legal costs incurred through commencing proceedings.
If you want more information about what you need to do to finalise your property settlement, or if you require assistance with any other area of Family Law including parenting or child support matters please contact Watts McCray Lawyers.