Property Settlement Process

There is a four step process for property settlement that takes place in Australian family law.

The first step involves the creation of a net asset pool between the parties. The net asset pool includes all assets or liabilities acquired before or during the course of the marriage, as well as after separation. The Court will also have regard to other financial resources over which a party has influence, control or prospective entitlements.

The second step sees the court assess the contributions made by both parties to the former marriage or de facto relationship. These include both financial and non-financial contributions. Section 79(4) of the Family Law Act also includes consideration of any contribution made by a party to the welfare of the family in the capacity of homemaker, parent or otherwise.

The third step requires the court to consider factors relevant to the future needs of the parties and to make an appropriate adjustment. Section 75(2) of the Family Law Act lists matters to be taken into consideration, which include: the age and health of the parties, their mental and physical capacity to obtain future employment, their future responsibilities to care for any children or other people (etc.)

Finally, the court will consider whether the proposed property settlement is 'just and equitable'.

Armstrong Legal are Australian Family Lawyers who specialise in property settlements and superannuation splitting.
If you need assistance with a property settlement please call us on 1300 167 465.


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