Property Settlement
8. Division of Property
Authors: Staff Legal Eagle
Firm / Chambers:
Last updated: 22 Sep 2015
- Each case is decided on its own unique facts. However there are general principles that the court takes into account in making a decision.
- In every case the court will ask four questions:
- What are the assets and liabilities?
- Working out what is in the asset pool can take a lot of time.
- It may be helpful to discuss this with your lawyer in more detail to ensure your list is accurate and comprehensive.
- You may also need to obtain independent valuations. It will help if you and your ex-partner can both agree to accept the opinion of one valuer. That way you can split the valuer’s fees and reduce the chance of having an expensive “battle of the experts” in court.
- Who contributed to the asset pool?
- This includes direct and indirect contributions and both financial and non-financial contributions.
- For example time spent in renovating and maintaining the home or cleaning, cooking and caring for children is taken into account as well as who earned the money and paid the bills.
- What are the parties’ future needs?
- This includes things like age, health, cost of care arrangements for children and a person’s capacity to earn money in the future.
- Is the practical effect of the division “just and equitable”?
- This means that the court must be satisfied that the end result is right, fair and reasonable in your specific circumstances.
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