In family law, there’s no set formula for dividing property and finances. If you can’t reach an agreement through dispute resolution, your case may go to a hearing. While no one can predict the exact outcome, an experienced family lawyer can often foresee a range of possible decisions based on your specific circumstances.
Decisions are made after considering all evidence, with the judicial officer determining what is just and equitable (fair according to the law) based on the unique facts of your case.
The Family Law Act 1975 outlines the key principles the Court considers in property settlement cases. These are detailed in sections 79(4) and 75(2) for marriages, and sections 90SM(4) and 90SF(3) for de facto relationships.
These principles apply to both marriages and de facto relationships and include:
- The individual and joint assets and liabilities of each party, including their value.
- Direct financial contributions by each party, such as initial properties, wages, and salaries during the relationship.
- Indirect financial contributions, like gifts and inheritances.
- Non-financial contributions towards property, including home renovations, investment management, or business operations.
- Contributions to family welfare, such as child care and housework.
- Future needs considerations, taking into account factors like age, health, financial resources, child care responsibilities, and earning capacity.
The division of assets and debts will be unique to your family’s situation, meaning your settlement may differ from others you might have heard about.
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