In circumstances of divorce property settlements issues can be raised in determining the percentage of matrimonial property that is to be distributed to either party.
In 1995 Justice Fogarty of the Family Court addressed the issue of contributions in divorce settlements in the case of Waters v Jurek;
“In most marriages there is a division of roles, duties and responsibilities between the parties… On separation, the partnership and the division of roles and responsibilities which it produced come to an end, and individually the parties are left largely in the personal situation that the marriage had assigned to them. However, the world outside the marriage does not recognise some of the activities that within the marriage used to be regarded as valuable contributions…. Post separation the party who had assumed the less financially rewarded responsibility of the marriage is at an immediate disadvantage. Yet that party often cannot simply turn to more financially rewarding activities. Often, opportunities to do so are no longer open, or, if they are, time is required before they can be assessed and acted upon”.
When dealing with property settlements from divorce it is best that individuals protect their financial future by gaining legal advice regarding their entitlements. Doing so as to ensure that income disparity is reflected in property division at the time of divorce. If not addressed at such time, this could consequently implicate financials of individuals later on down the track when it is too late to rectify.
Our specialist family law team can assist and advise about the best way to negotiate and reach an agreement in property settlements to ensure your contributions to the marriage whether financial or non-financial are taken into account.
Speak to one of them today.
For advice about negotiating a Property Settlement Agreement contact us on 1800 300 170 or email us at firstname.lastname@example.org
Family law situations can be complex and sometimes they can involve serious issues. Information outlined is proposed to provide general guidance only. Due to the seriousness of legal matters as well as the uniqueness of your individual situation, professional advice should be sought. For advice, please contact one of our Family Lawyers.