Property Settlement in Family Law

When people separate and divorce, and have jointly accumulated assets then these assets need to be divided. This is not always an easy exercise.

Sometimes, property settlement matters can be very complicated, especially where there are many properties, or assets are held in company or trust structures or where money has been gifted or loaned to one of the spouses or partners.

It is understandable if you feel upset or concerned that you will not get a fair deal or your ex will take a property that was brought into the relationship by you. It is at this time that you must consult a family lawyer and get the best advice for you.

Under the Family Law Act , when dealing with property settlement family law, there is a general step by step approach that can be used to work out what you are entitled to.

A. Identify the assets and financial resources of the marriage or relationship. This means that all property, which includes real property and personal property be identified and valued. Property also includes superannuation, shares and any other financial resources that are available to you.

B. Requires both parties consider their contributions to the purchase and preservation of their assets. Contributions include assets brought into the marriage or relationship. It also includes contributions directly to the assets by income earnt. If a partner was a homemaker or stay at home parent, then of course this contribution will be considered as well.

C. Here we turn our attention to what each party will need in terms of financial support or security in the future because of a range of factors such as the age of the parties, whether someone has the care and control of a child of the relationship under the age of 18 years and whether the parties have the capacity to work and support themselves.

D. This is the final step of the property settlement process and requires an approach where the idea of whether the property settlement is one that is just and equitable.