November 30, 2018
How to make a family law property settlement
Is there a presumption of a 50/50 property settlement split? How to make a family law property settlement.
Contrary to popular belief, there is no presumption that assets should be divided 50/50, 60/40 or in any other subjective proportion. The Family Court always has full discretion.
Factors to be considered
To decide how to distribute the assets, the Family Court will normally consider factors including:
- The current value of the assets and liabilities
- The direct and indirect financial contributions made by each person
- The non-financial contributions by each person (e.g. homemaker contributions)
- Identifying the future needs of the parties, for example, age, health, financial resources, superannuation, care of children and income earning capacity
After considering all of the above, the court will consider whether any proposed property settlement is ‘just and equitable’ in the circumstances.
It is important to remember that there is no presumption of equality (like a 50/50 split) as a starting point in respect of contributions and that each matter will be decided upon the particular circumstances of that case.
If you would like advice, guidance or assistance about property settlement entitlements following the breakdown of a marriage or relationship, contact us.