The Family Law Act 1975 outlines general principles that the court will consider when determining property settlements. For the breakdown of a marriage this is highlighted in sections 79(4) and 75(2); and for the breakdown of a de facto relationship this is evident in sections 90SM(4) and 90SF(3). The principles outlined for both married and de facto relationship breakdown are identical and concern:
- What assets and debts you have and their worth
- Direct financial contributions to the relationship (e.g. wage and salary earning)
- Indirect financial contributions to the relationship (e.g. gifts and inheritance from family)
- Non-financial contributions to the relationship (e.g. caring for children and homemaking)
- Future requirements (e.g. considering age, health, financial resources, care of children and ability to earn)
The assessment of assets and debts and hence the division of property is thus highly unique to your particular circumstance. For such reason you require divorce advice from a specialist divorce lawyer, to give your matter the appropriate attention that it requires to best assist you in reaching your desired goals in your property settlement.
Speak to one of them today.