Did you know that there is a list in the Federal Circuit and Family Court of Australia specifically designed for pools where the net worth is $500,000 or under?
The list is known as the Priority Property Pool List or PPP500 and it is designed (as is the rest of the system) to achieve a just, efficient and timely resolution of cases.
To be eligible into this special list of cases the following will need to apply:
- The net property of the parties (including superannuation) is, or is likely to be, $500,000 or less
- There are no entities such as family trusts, companies or self-managed super funds; and
- Neither party seek parenting orders, child support orders or enforcement/contravention orders.
To commence a PPP500 case there are some filing of documents that are dispensed with to simplify the process, for example parties are not required to file an Affidavit of Financial Statement. Instead parties to a PPP500 case will file an Initiating Application and PPP500 Financial Summary together with a Genuine Steps Certificate. Once filed those documents must be served within seven (7) days of filing. The respondent then has 28 days from being served to file a Response to the Initiating Application and their own PPP500 Financial Summary.
If you’d like to know more about the PPP500 Cases List and the process, tune in and listen to our Senior Associate Dannielle Young discuss how this may apply to your family law matter.
Did you know we offer a free initial 45 minute consultation initial face-to-face appointments in our Gold Coast, Brisbane and Cleveland family law offices or via zoom. Head on over to our website collectivefamilylaw.com.au or call us at (07) 5574 0971 to book your appointment.