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- Identifying and valuing all of the assets, financial resources and debts of the parties. Each party is required to disclose their financial circumstances. Where the value of any asset is uncertain, or if the parties do not agree on the value, an expert opinion is sought.<\/li>\r\n
- Assessing the contributions each party has made toward the acquisition of the assets. Contributions are broadly defined and include not only financial contributions, but also contributions as a homemaker and parent.<\/li>\r\n
- A consideration of matters is set out in section 75(2) of the Family Law Act. These include factors such as discrepancies in income, earning potential or expenses associated with caring for children.<\/li>\r\n
- Examining the findings and determining if the overall result is “just and equitable”.<\/li>\r\n<\/ol>\r\n
\r\n\t\tWhat happens if one of us had significant assets before the relationship?\r\n\t<\/h2>\r\n\t
Pre-relationship assets are taken into account when assessing the respective contributions of the parties. If these contributions are significant they may impact the overall division of the assets after separation. How the pre-relationship assets were used and the length of the relationship will also be relevant considerations.<\/p>\r\n
\r\n\t\tHow can an agreement about property division be made binding?\r\n\t<\/h2>\r\n\t
If you and your former partner\/spouse are able to reach an agreement about resolving financial issues (whether this is done between you or with the assistance of lawyers), the agreement can be properly documented as a legally enforceable settlement.<\/p>\r\n
This is achieved either by way of a “consent order” or a “binding financial agreement”. It is important to obtain independent legal advice about whether the proposed agreement is just and equitable under family law legislation.<\/p>\r\n\t\t\t\t
![\"IMG-Expertise-Body-Property-Division-1-min\"](\"https:\/\/www.robinsongill.com.au\/wp-content\/uploads\/2019\/04\/IMG-Expertise-Body-Property-Division-1-min.png\" "\\"IMG-Expertise-Body-Property-Division-1-min\\"")
\r\n\r\n\t\tWhat if we can’t agree on a property settlement?\r\n\t<\/h2>\r\n\t
Attempts to resolve property issues can be made by way of mediation, solicitor-based negotiation and\/or round table conferences. Where negotiation is unsuccessful, either party is able to make an application to the Family Law Courts for orders about property division and\/or spousal maintenance.<\/p>\r\n