When couples separate, they usually need to sort out how to divide their assets (property) and debts. Armstrong Legal has a team of highly experienced lawyers specialising in family law in relation to property matters. We can provide valuable assistance in determining how income, financial resources and debts are divided between you and your former spouse.
The Family Law Act 1975 sets out the general principles the court considers when deciding financial disputes after the breakdown of a marriage or a de facto relationship. The general principles are the same, regardless of whether the parties were in a marriage or a de facto relationship, and are based on.
- Working out what you have got and what you owe, that is your assets and debts and what they are worth.
- Looking at the direct financial contributions by each party to the marriage or de facto relationship such as wage and salary earnings.
- Looking at indirect financial contributions by each party such as gifts and inheritances from families.
- Looking at the non-financial contributions to the marriage or de facto relationship such as caring for children and homemaking.
- Future requirements – a court will take into account things like age, health, financial resources, care of children and ability to earn.
It is important to realise that the way your assets and debts will be shared between you will depend on the individual circumstances of your family.
Matters which may be taken into consideration in relation to the breakdown of marriage or a de facto relationship between the two parties include.
- Age and state of health.
- Income, property and financial resources and the physical and mental capacity of to gain appropriate employment.
- Parent or sole carer of a child under the age of 18.
- Commitments that is necessary to provide for themselves or a child.
- Responsibilities of either party to support another person.
- The eligibility for a pension, allowance or benefit under any Commonwealth or international law and any superannuation fund or scheme and the rate of payment.
- A standard of living that in all the circumstances is reasonable.
- The extent to which maintenance payment would increase the earning capacity of one party by enabling them to undertake a course of education or training, to establish a business or obtain an adequate income.
- The effect of any proposed order on the ability of a creditor of a party to recover the creditor’s debt.
- Contribution to any income, earning capacity, property and financial resources of both parties.
- The duration of the marriage and the maintenance of the property that affected the earning capacity of a party.
- The need to protect a party.
- Financial circumstances if either party is cohabiting with another person.
- The terms of any order made or proposed to be made in relation to the property of the parties, vested bankruptcy property or child support provided.
- The terms of any financial agreement that is binding the marriage.
There is no formula used to divide your property. No one can tell you exactly what orders a judicial officer will make. The decision is made after all the evidence is heard and the judicial officer decides what is just and equitable based on the unique facts of your case.
Want to know more or to book an appointment, please contact Armstrong Legal and talk to one of our specialist family law solicitors on 02 9261 4555.
where to next?
Taking the next step and contacting a family lawyer can be scary. Our lawyers will make you feel comfortable so you can talk about your situation. But first, ask yourself, Do I really need a lawyer?
Why Choose Armstrong Legal?