Following the breakdown of a marriage or de facto relationship, the division of property and finances becomes critically important to the financial future of both parties.
The Family Law Act 1975 sets out the general principles the court considers when deciding financial disputes after the breakdown of a marriage or de facto relationship.
The way your assets and debts will be shared between you and your partner will depend on the individual circumstances of your family. There is no presumption that property and finances are to be divided equally, or in any other way.
The Federal Circuit and Family Court will follow a four-step process before deciding what Property Orders it should make.
- Identify the assets and liabilities of the parties.
- Assess the financial and non-financial contributions of the parties towards the acquisition, conservation and improvement of the assets, including contributions as homemaker or parent.
- Consider each of the parties present and future circumstances to include age, health, income, property and financial resources, earning capacity, and whether a party has the care of a child under the age of 18, before deciding whether there should be an adjustment of each parties contribution based entitlements.
- Determine whether the proposed orders are just and equitable having regard to the assets which each party will retain.
If an agreement can be reached between you and your partner without the need for Family Court proceedings, our lawyers can advise you on the most appropriate and cost-effective way of formalise your agreement. This may include making an application for Consent Orders to the Family Court.
If agreement cannot be reached, our team will represent you in Family Court proceedings to secure your legal rights and entitlements.
We are experienced in negotiating and representing you to obtain the best possible outcome for you, regardless of the size and complexity of your asset pool. This may include the division of your property, superannuation, and other financial assets, as well assisting you in safeguarding your assets into the future following separation and divorce.