Who Gets What? Common Misconceptions
There are no universal rules for dividing assets after separation. In Australia the family law system is discretionary meaning despite what you may have read or heard it is not as simple as dividing property and financial assets 50/50. Property settlements aim to reflect what is fair for both parties. Reaching an agreement without the help of a family lawyer is difficult and emotionally charged for even the most amicable couples.
How property settlements are worked outKnowing how the courts determine a fair settlement will help you prepare for the process ahead. Although both parties may not have the same perspective on what is ‘fair’, there are generally four steps your family lawyer will work through:
- The value of all property of both parties
- Contributions from both parties to the relationship
- Needs of the parties (current and future)
- Determine a just and equitable split