When you get divorced or end a de facto relationship, you will need to divide up the property and financial assets you and your former partner have accumulated.. A property settlement can be complex and stressful.
However, if not done right can negatively affect your financial future. Our team of Sydney family lawyers promises to provide unmatched legal representation to our clients to ensure the best possible division of the asset pool.
Importance of Obtaining Legal Advice
When discussing property settlements and the division of assets, you must have the best representation possible and obtain legal advice from an experienced family lawyer to clearly understand your rights and entitlements.
The division of assets following a separation or divorce is a highly serious matter, which will impact you for the rest of your life. This is why you must obtain your legal from the best Sydney family lawyers in the industry.
Please do not hesitate to contact one of our friendly and experienced family lawyers today to discuss your particular circumstances.
The Court will determine and value what property, liabilities and financial resources each of you have at the time of your Court hearing.
Here are some examples of each:
Assets & Financial Resources include:
In this step, the Court will look at each of your financial and non-financial contributions to the property. This is done to determine the percentage of the net value of the property each partner is entitled to.
Here are some examples of both financial and non-financial contributions:
The Court will consider the current and future needs of both parties. The most important conditions which commonly impact how property is split are typically factors such as your current and future ability to earn an income, health, age and whether you have to care for children.
Additional factors such as your access family or a future inheritance may also be considered when calculating and balancing the division of the property pool.
Typically, the Court will compare these factors concerning both parties and award an additional portion of the property pool to balance it out.
This is the fourth and final step to the determination of a property settlement.
Section 79(2) of the Family Law Act 1975 provides that the Court shall not make an order unless it is satisfied that it is “just and equitable” to make the order in all the circumstances of the case.
This step essentially involves the Court standing back and looking at the reality of the percentage division at which it has arrived to determine whether it is fair and if any adjustments need to be made.