The Court cannot make orders for the alteration of property interests unless it is satisfied that, in all the circumstances, it is just and equitable to make the order. What is just and equitable will vary depending on the circumstances of each individual matter. In addition, the Court, as far as practicable, is to make orders which will finalise the financial relationship between the parties.
The general principles the Courts take in assessing the just and equitability of property settlements under the Family Law Act 1975 :
1. Work out the assets and liabilities; that is, what you’ve got (including superannuation), what you owe, and what its all worth;
2. Look at the contributions made by both parties during the marriage or relationship including:
2.1 direct financial contributions to the the acquisition, conservation or improvement of any of the property, such as wage and salary earnings;
2.2 indirect financial contributions to the acquisition, conservation or improvement of any of the property, such as gifts and inheritance from families
2.3 direct non-financial contributions to the the acquisition, conservation or improvement of any of the property, such as physical work done to the home; and
2.4 contributions to the welfare of the family, including any contribution made in the capacity as parent and homemaker
3. Assess the future needs of the parties having regard to things such as age, health, care of children, income and financial resources of the parties
4. Ensure that the outcome produces a just and equitable division of the assets.
We understand that the breakdown of a relationship is an emotional and trying time for everyone involved. It can be stressful and often complicated when trying to finalise a property settlement. It is important to know we are here to support you. Contact us to see if we can help.