You’re in luck if you want to find out! This article aims to provide a better understanding of the Australian courts’ procedures for dividing assets between couples when they divorce or separate. The article also discusses how the Family Law Act assesses financial and other contributions.
The Family Law Act of 1995 gives the courts the power to modify property rights if it is fair and just. The courts will consider the future needs and financial contributions of each party.
Divorce property settlements can be difficult.
Although it can be time-consuming and difficult to verify each party’s financial contributions, if there is clear evidence of money, it is easy to determine how much each party contributed.
It can be difficult to assign a value to non-financial contributions due the many factors that go into determining it.
When assessing the non-financial contribution, the court will consider the cost of labor.
You should request a quote if you are looking to save money and increase the property’s worth.
Property Settlement Calculator
With our knowledge of property settlements and family law, we have created a property settlement calculator that will help you determine how much money you might keep after you divorce from your partner.
Knowing this amount can help you and your spouse negotiate a divorce settlement. It may also help you avoid costly court proceedings.
The court follows a four-step procedure when deciding on a property settlement for divorce between couples.
STEP 1. – Create the Asset Pool
As the first step to settling a divorcement, both parties will need to review their financial records. This involves reporting on the contents of your bank accounts, how much you own properties, the value of any shares you have, and any possible holdings in trusts, businesses, or other entities.
STEP 2: Identifying the Contributions Made during the Marriage
Contributions can be monetary or non-monetary. Nevertheless, contributions can include anything that helps to keep the home, family and relationship together.
Financial contributions include wages, taxes, liabilities, donations and inheritances.
Housework, remodeling, or taking care of children in a relationship are all examples of non-monetary financial contributions.
STEP 3: Assessing The Future Needs Of The Parties
After deciding on the different property portions based on these contributions, the court makes what’s called “adjustments”.
This adjustment considers many elements, including future demands of each party.
In this case, the courts take into account several factors, such as future earning potential, age, health, financial resources, as well as the potential for employment. They also consider responsibility for their children’s care after the divorce and custody proceedings.
STEP 4: Is it Fair
The court will decide whether you can keep any of your assets or if they belong to your ex partner.
Women with minor children might be more vulnerable than men to financial problems and income prospects after divorce. Single mothers and older women who have been divorced are particularly at risk of experiencing a decline in their living standards. The court may order a greater adjustment for them.
How can our Property Settlement Lawyers assist you?
Our goal is to provide you with the best service possible, but we will never go to court. We always try to resolve the matter with the other side.
Our experienced team of property settlement lawyers can assist you in formalizing the agreement you have made to make it legally binding and valid. They will also ensure that no financial claims are made.
We can negotiate with your spouse or their lawyers and represent you in family court proceedings, whether you are the responder or you are the initiator.