When determining a property settlement the Court will consider the following;
- The combined assets and liabilities of both parties will be 'pooled' together and valued.
- The contributions of each party to the relationship, including assets brought into the union, income, savings, inheritance, improvements to property and non financial contributions in the form of home maker and parent.
- Other factors such as the future needs and earning capacity of each party and who will have the day to day care of the children.
- The Court can then make adjustments to the property pool in favour of one party, based on the aforementioned considerations. Under the Family Law Act 1975, the Court must make a determination that is 'just and equitable'.
Our lawyers encourage both parties to come to an amicable arrangement as to how the assets of the relationship ought to be divided. We will negotiate on your behalf to ensure that you receive what you are entitled to under the law. If an out of court settlement is achieved, we can draft Consent Orders or a Binding Financial Agreement formally recognized by the legal system. Consent Orders are Orders that both parties have agreed to, however, before they are recognised by the Court, the Court Registrar must review the Orders to ensure that they are just and equitable. A Binding Financial Agreement on the other hand is not reviewed by the Court and although binding, can be overturned by the Court in certain circumstances, for instance, if it is unjust or if inadequate provision was made in regard to children.
If no agreement is reached between the parties, we can commence court proceedings to ensure that your rights are protected.