Property Pool Under $500,000? The PPP500 Might Be For You!
Blog post by Jeremy Gitsham
While it’s always advisable to avoid litigation in family law matters, in some circumstances there is no alternative. In these cases, the pathway to finalising a property settlement can be expensive and uncertain—and given the Family Law system is under immense pressure, it can take matters over two years to reach a final trial.
In an attempt to expedite matters where a property pool is relatively small, the Federal Circuit Court of Australia introduced Practice Direction No. 2 of 2020: Family Law (Priority Property Pools under $500,000) Financial Cases (‘PPP500’).
The purpose of the practice direction is to provide efficient and timely resolution of cases where the net asset pool is under, or thought to be under, $500,000, and where the cost of the application is reasonable and proportionate. (more…)