Following the breakdown of any marriage or de facto relationship, issues often arise as to the division of property and each person’s ongoing financial support.
A property settlement between you and your former spouse or de-facto partner can be finalized in a number of ways including entering into consent orders, or making an application to the Family Court.
In determining a property settlement application (whether concerning a married couple or a de-facto couple), the Court will consider the following steps:
- Identify and value the assets and liabilities of the parties.
- Assess the contributions made by each party including financial contributions, non-financial contributions and contributions as homemaker and parent.
- Consider a range of factors set out in section 75(2) of the Family Law Act or section 205ZD(3) of the Family Court Act.
- Determine whether the resulting division is just and equitable.
The Court has discretion to make a range of Orders to give effect to a property settlement. These orders include the following:
- order the payment of a lump sum property settlement, whether in one amount or by instalments.
- order payments of a weekly, monthly, yearly or some other periodic sum.
- order that a transfer or settlement of property be made.
- appoint or remove trustees from entities in which the parties have an interest.
- order that payments be made directly to a party, to a trustee to be appointed or into court or to a public authority for the benefit of a party.
- impose terms and conditions.
- make an order by consent.
Please contact us to make an appointment concerning property settlement and to receive advice about your prospective property settlement entitlement.