Father’s Family Law Service
Our fee is $250.00 per hour GST inclusive.
Property and financial settlements involve the division of assets and liabilities after a separation. A financial relationship exists whether you have been married or in a de facto relationship and will continue to exist until an order is made by the Family Court.
We have experience in settling property and financial settlements involving large asset pools and relatively modest asset pools and can point the way forward for you.
There is no simple formula for determining how property should be split after separation as it depends on the circumstances in each case, including the length of the relationship.
However, property and financial orders divide your property based on the contributions you and your ex-partner made during the relationship.
To determine the division a 4-step process is commonly used by the Court.
Identify what will be included in the asset pool and value the property of the parties. The assets might include the family home, an investment property or vehicle. Determine the liabilities, such as the mortgage over the family home or any credit card debt held by either party. Identify any financial resources either party may have such as a beneficial interest in a Trust.
Consider the contributions to the asset pool made by the parties during the relationship.
Contributions include:
Financial contributions, such as any property brought into the relationship, wages put towards the relationship and any inheritance received after the relationship commenced.
Non-financial contributions, such as work done to improve or maintain any property of the relationship.
Homemaker or welfare contributions, such as contributions to the welfare of the family, including contributions as a parent.
Negative contributions and post separation contributions may also be considered by the Court.
The future needs of each party are then considered, such as the income earning capacity of each party and responsibilities for caring for any children of the relationship.
What is just and equitable is the final step, which seeks to determine what is a fair property settlement between the parties.
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