Ending a marriage is never easy, emotionally or financially.
By David Love - Family Law Ipswich
One area that often causes angst is the dreaded property settlement, with so many questions to consider:
- Who owns what, in your “pool” of property and assets?
- Do you decide who gets what? Or does someone help you?
- What about your contribution? What if you brought more (or less) into the relationship?
- Who owns the assets? Who owns the debt?
- What about your ongoing needs? What happens now you are separated?
The role of the court
The court can divide the property of the parties if it is just and equitable to do so. In determining this, and how property is divided (if at all), the court will consider the answers to these questions and any other circumstances the court considers relevant.
Irrespective of who currently owns what property (and assets), the court can make the orders it considers appropriate altering the interests of the parties to the marriage in the property. However, the court can’t make an order unless it is satisfied that, in all the circumstances, it is just and equitable to do so.
Contributions
Contributions can be made directly and indirectly and can be financial or otherwise. These contributions can be made by or on behalf of a party or a child to the acquisition, conservation or improvement of any property of the parties.
They also include contributions by a party to the welfare of their family, including as a homemaker or parent.
Examples of contributions include:
- Employment activities.
- Support by one party when another obtains qualifications.
- Accommodation at a parent’s house which enables you to save for a house deposit.
- Assistance provided by relatives for children.
- Roles as homemaker and parent.
- Inheritances or injury claims.
Equality is not the starting point, but often contributions by parties on their own are assessed equally.
Please seek the advice of a legal professional to ensure you receive what you deserve from your property settlement, with the least amount of stress and angst to all parties.
Lighting the way during difficult times: Fallu McMillan Law are your trusted and experienced legal team; understanding your situation, hearing your concerns and tirelessly advocating on your behalf. When it comes to divorce and family law, trust a firm who have been a part of our community for over 80 years. We are you family law specialists.
Related Articles
We Look Forward To Working With You
Ipswich Lawyers lighting the way for over 80 years.
Connect With Us
Individual liability limited by a scheme approved under professional standards legislation (personal injury work exempted).
Website management: IW + iC MJ Ipswich Flooring