Your entitlements with respect to your property settlement are based on the principles of property division set out in the Family Law Act 1975 (Cth) (“the Act”). The Court has a wide discretionary power based on the facts of each case.
Generally speaking there are five steps which are followed to determine a party’s entitlement to an adjustment of their interests in their or their spouse’s property as a result of the breakdown of a relationship. They are:
- To determine whether or not it is “just and equitable” to make any adjustment to the parties’ interests in the property available for division in the first place;
- To identify and value the property;
- To consider the parties’ contributions;
- To consider the future needs of each party; and
- To consider whether, in all the circumstances of the case, the proposed order is “just and equitable”.
To discuss property division after a breakdown of a relationship call us on 0401 547 417.