Asset Division
April 2024 Edition
Introduction:
Separation and divorce can bring uncertainty and confusion, especially when navigating the legal process. To simplify this complex procedure, we've outlined the key aspects you should be aware of. Contrary to common belief, asset division or financial settlement isn't exclusive to married couples. The Family Law Act extends to de facto (unmarried) couples living together on a genuine domestic basis, providing entitlement to property and financial orders.
Prior to making a property settlement order, consideration is given to whether it is “just and equitable” to make any adjustment to the parties’ interests (both legal and equitable) in the property available for division. If it is considered an adjustment is appropriate, there are then four steps which are followed to determine a party’s entitlement.
Asset Pool:
The court initially identifies the property pool between the parties to determine their assets and liabilities. This can include superannuation, tax liabilities and interest in trusts.
Contributions:
Next, the court assesses the contributions made by each party from the commencement of cohabitation to post-separation. Contributions encompass financial, non-financial, and homemaker contributions, with the court recognising the significance of all contributions, not just financial ones. If a party's ability to contribute is impacted by domestic violence, the court considers this factor. An entitlement-percentage is allocated accordingly.
Future Needs:
The court then considers the parties' future needs, including health, income, earning capacity, custody of children, and standards of living. Based on these factors, adjustments are made to the entitlement-percentage allocation.
Just and Equitable:
Before making an order, the court ensures that any decision is just and equitable to both parties, aiming to prevent unfair outcomes. The court exercises broad discretion in determining fairness, allowing them to consider all circumstances between the parties.
Conclusion:
In reality, this process is far more complex and requires exceptional legal knowledge to navigate the untold intricacies. CJM Lawyers' team of specialised
Family Lawyers
can guide you through every step, providing clarity and support during these challenging times to help you achieve the best possible outcome.
Disclaimer: This article is for general understanding and should not be used as a substitute for professional legal advice. Any reliance on the information is strictly at the user's risk, and there is no intention to create a lawyer-client relationship from this general communication.
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