Property

Now that you and your partner are separating how is it determined who gets what? The steps for working out an appropriate division of property include:

• Determining the asset pool – that is the value of what the parties own together and separately (including superannuation), what liabilities/debts are owing, and the financial resources of both parties.
• Assess the contributions made by the parties – this includes direct and non-direct financial contributions and non-financial contributions.
• Assess the future needs of the parties – that is the age and health, income and potential future income, financial resources, the care of children, the standard of living, and the overall financial circumstances of the households.
• Determining if the proposed settlement is fair, just and equitable – The Courts look at the overall circumstances of the case to ensure the settlement is fair to both parties.

A property settlement can be formalised by Court Orders or by Consent Orders (where both parties agree) or alternatively by a Binding Financial Agreement (“BFA”). A BFA can be made before, during, or after a relationship. The Family Law Act provides both married and de facto partners to enter into a BFA, however both parties need to obtain independent legal advice.