Section 75 (2) Family Law Act sets out factors related to adjusting property settlement orders. This is why it is also known as Section 75 (2) factors.
The courts will consider these factors before deciding if an adjustment needs to made in property settlement orders. This usually occurs in special circumstances.
The Section lists out the following factors to determine whether any adjustments will be required:
- Age and physical health of all the involved parties;
- Eligibility for a benefit, allowance or pension;
- Physical and mental capacity of the parties to get gainful employment;
- When the parties divorced or separated;
- Where the parties divorced or separated;
- How the length of the marriage affected earning capacity of the party who is seeking maintenance;
- Income, property, finances and ability to earn income;
- Any child support that any of the parties is liable to provide in the future;
- The terms of any financial agreement that is binding on any party to the marriage;
- Commitments of each party related to support of either themselves, or any other dependent party;
- The need to protect the party who wishes to continue their role as a parent;
- The financial circumstance related to cohabitation (if either party is cohabiting with another party)
- Special circumstances or facts that Courts should consider;
- The extent to which a party has made contributions to the income, financial resources, property and earning capacity of the other party.
Relevance Of Section 75 (2) Family Law Act For Divorcing Couples
For divorcing couples, property settlement remains one of the contentious topics. The court assesses future needs of each party by considering these factors. Therefore, understanding Section 75 (2) Family Law Act including all the factors listed under the section is extremely important.
Primary Reason Why It Is Important
An important rationale for the Court is to ensure that property settlement is reasonable, fair and just. Therefore, thorough consideration of the factors listed under Section 75 (2) of the Family Law Act is necessary.
When these factors are not taking into account, the resulting property settlement order may not be just. One party might have a favourable outcome – especially at the expense of the other party
Contact Us For More Enquiries
Our lawyers are experts in handling all matters related to divorce and family law. Parties find it difficult to finalise property settlement matters easily. This is why, parties must seek professional advice from family lawyers.
Especially for high net worth assets, it is recommended that you seek legal guidance. Our family lawyers are passionate about solving legal issues.
Contact us if you have any enquiries.
