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.
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.
In these days of greater mobility, where international and interstate relationships are more common, issues often arise surrounding the relocation of children following the breakdown of a relationship.
Following separation parties will need to consider the ongoing support of their children.
A person has a responsibility to financially assist their spouse (including de facto and same sex partner) if the spouse's personal income or assets cannot meet their own reasonable needs.