Property Settlement in Divorce , Australia

Why can this be important?

In Australia, the system of no-fault Divorce means that many Divorces are meant to be dealt with by means of consent before litigation. This means that when agreeing on a property settlement, the parties can easily agree to almost any terms or conditions which like. If, however, they cannot agree on a accessories settlement, they will then need to have a court decide the actual settlement should be according to legal principles laid down in the Family Law Act 1975 (Cth). This means that not only is the settlement process important as court dispute resolution mechanism it also makes it used as a measuring stick in negotiations between people prior to proceedings visiting.

What does a court consider in a property settlement with Divorce?

In Australia, under s. 75(2) of within the Family Law Act (Cth), a court takes into account the following when having a property settlement order:

1. Assets and Liabilities

The assets of a marriage can include superannuation, shares, property, cars, boats, jewellery, personal possessions and any other item of 'real or personal property' that is owed by the people together. This calculation extends to the debts of them.

2. Contributions

This includes hard earned money and salaries, gifts possibly inheritances, house work, the care of children and other things which each party caused the marriage. No-financial contributions are incredibly valued.

3. Future Needs of the Parties

There is a recognised right to a reasonable standard of living for each party in case one party is willing to care for the children more when compared to other, this consideration looms big. Also, the age, state of health start future earning capacity is recognized as in a property respite order.

4. Just and Equitable Considerations

A court can amend a batch for the alteration of property in any way it sees fit if there is a 'just and equitable' root of doing so.

Once the court has accurately assessed these details it will then make an ideal order for the property division. It should also be noted that the court requires complete and frank disclosure just like the parties assets and money under the Family Laws Rules 13. 04 and there are serious penalties if it is found out later on that such a disclosure has not been transferred.

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