A major point of contention following separation is how the assets and liabilities of parties will be divided.
Property is given a wide meaning under the Family Law and includes houses, cash and personal debts you may have. Superannuation is also included in property distribution and is an important future asset.
All property owned separately or jointly in a relationship is considered under the Family Law.
There are four steps that help to determine what is a just and equitable division of property in a divorce. It is important that all of the assets, liabilities and superannuation of both parties is valued. This gives an overall pool and helps to determine what is available to be divided between the parties.
With an asset pool in hand, we look at the contributions that have been made to acquire or improve the asset pool. For example, if you owned a house before the relationship commenced, then subsequently sold that house and used the proceeds to purchase the matrimonial home this is called a direct initial financial contribution. Additionally, if you took care of the children whilst your partner worked and earned an income, this is called an indirect financial contribution.
Once the future needs of each party are assessed, including your responsibility for caring for a young child or the difference in income earning capacity between yourself and your partner, we are then able to determine what is a just and equitable property settlement.
At the end of the day, we are here to make sure that you are able to move on.
If you need to calculate your total Assets, Liabilities as well as your Superannuation fund you can use our Asset Pool Calculator.