Following the breakdown of a marriage, an appropriate division of property is critically important to the financial future of both parties. Prompt legal advice is vital.
- The Court will first assess what makes up the asset pool and the value of same.
- The Court evaluates the financial and non-financial contributions each of the parties to the asset pool, including where there are children, contribution as homemaker and parent. This step will take into account unusual contributions such as pre marriage assets and inheritances or gifts received during the marriage or after separation. The Court assesses these contributions by in terms of a percentage.
- The Court will consider each of the parties future needs means and responsibilities, taking into account such matters as the age and state of health of the parties, their income and income earning potential and the ongoing care of children.
- The final step for the Court to determine is whether the conclusion that they have reached taking into account the above factors ends up providing a just and equitable (or fair) division of the assets between the parties.
De Facto/Same sex relationships
Upon the breakdown of a de facto or same sex relationship either party can seek to negotiate, mediate or litigate any property issues arising from the breakdown of their relationship.
Family Dispute Resolution (FDR) or mediation is now required in all parenting matters before Court proceedings can be initiated. This means you must have at least tried or been invited to participate in mediation.
Enforcement of Orders
Unfortunately, even where agreements have been reached or Family Court orders made, it can be necessary to take steps to enforce an agreement where one party does not comply with the terms of the agreement or the terms of an order.
After the breakdown of a relationship involving children (whether a marriage, de facto or same sex relationship) it will be necessary to consider the appropriate arrangements for the ongoing care of the children.