9 August 2017
There is no golden rule that the property pool should always be equally divided upon separation. Instead, the following questions are asked when we determine how the property pool should be divided, if at all:
- Should the property interests of the parties be altered at all?
- What assets, liabilities and financial resources are in the property pool?
- What financial and non-financial contributions has each party made?
- Should adjustments be made in favour of a party pursuant to one of the issues identified under section 75(2) of the Family Law Act (1975)? For example, is one party significantly older than the other? Does one party care for the children for a greater proportion of the time? Does one party have a higher income earning capacity? Has one party inappropriately disposed of an asset? This is not an exhaustive list.
- Looking at the matter as a whole, what would be just and equitable?
At an initial consultation, we will go through these questions with you. In most cases, we are able to provide a preliminary view on what sort of property settlement would be considered just and equitable under the law.
We are very supportive of our clients directly negotiating with their ex-spouse. We do, however, strongly recommend that you meet with us for an initial consultation to ensure that you do not agree to terms that are unfavourable to you. At that meeting, we will also be able to give you advice how assets should be transferred to avoid or minimise tax and duties.
Disclaimer: The information provided in our Frequently Asked Questions, Blog pages and elsewhere on our website is for general informational purposes only and should not be considered legal advice tailored to your specific circumstances. You should obtain legal advice to ascertain your rights, entitlements and obligations with regard to the specific circumstances of your case. We will be able to provide you with comprehensive legal advice with regard to your circumstances at our initial consultation. To book an initial consultation, please contact us on (03) 9803 5673.