What happens to all our assets?

What happens to all those hard-earned assets is a fundamental question. Getting great legal help is key to ensure the thorough identification, assessment and calculation of all your joint property and entitlements.

Trusted Property Settlement Lawyers in Melbourne & Sydney

IDENTIFYING, ASSESSING & CALCULATING ALL THE ASSETS & LIABILITIES

What about all our assets?

One of the most common myths when it comes to considering a property settlement is that marital assets must be divided equally between husband and wife.

However, there is no automatic entitlement to any property, let alone an equal division. There are a number of considerations the Family Court takes into account in determining how the assets of a relationship should be divided.

Firstly, the court considers whether it is just and equitable to make any order for an “adjustment” of property in the first place.

Steps in undertaking your property settlement

In considering whether it would be just an equitable and if so, what orders to make, the court adopts somewhat of a 4 step process:

Step One

All assets and liabilities need to be identified. This includes superannuation entitlements, as well as assets held both personally, jointly, in partnership, in trusts, businesses or companies. This step is commonly referred to as ascertaining what’s in the property pool.

Step Two

Identifying what contributions (if any) each party made to the acquisition or preservation or improvement or maintenance of any asset. This includes not only financial contributions, but also non-financial contributions, and contributions as a parent and homemaker.

Step Three

The Court then looks to the future to ascertain whether any financial adjustment needs to be considered for the future needs of each party, taking into account matters such as care of children, disparity in earning capacity, health, age and the availability of financial resources. Ultimately, any division of property must be just and equitable.

Step Four

Finally, the court must consider whether the proposed settlement as a whole is just and equitable.

Get experienced legal help in Melbourne and Sydney

At Australian Family Lawyers, with locations in Sydney as well as Melbourne, we have a team of expert lawyers who are highly experienced in relation to property settlement and other asset matters. We give you advice about your property entitlements, as well as how formalise any arrangement into a legally binding agreement to protect your assets into the future.

Get in touch with us today to discuss how we are able to assist you with property and asset settlement as well as separation matters and a whole lot more.

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