When considering a division of property in a family law dispute, the Family Court of Australia generally adopts a four-step process:
Step one: work out the asset pool.
This means listing all of the assets and subtracting all of the debts, to end up with a net asset pool. It will also be necessary to look at the amount of superannuation held by each party.
Step two: consider the contributions made by or on behalf of each of you.
The contributions to the relationship includes financial and non-financial contributions as well as contributions to the care of children. Inheritances, gifts, and assets or debts at the beginning of the relationship may all be considered as part of the contributions.
Step three: we now consider what sort of future each of you might have.
This is the point at which we consider the needs and social factors that are relevant to your future. For example, any health concerns which might prevent you engaging in meaningful employment in the future, needing to take time away from the workplace to care for children or a need to be re-educated in order to earn income might need to be considered.
Step four: is the proposed settlement or outcome ‘fair and equitable’.
Please contact us for more information on the four-step process and issues relevant to your family law matter.
MORGAN COUZENS LEGAL