Property Settlements between Married Couples
Property settlements between married couples
The Family Court (and family law solicitors) goes through the following steps to try to ascertain the entitlements of each party in a property dispute:
- Ascertaining the current value of assets and liabilities;
- Determining the contributions (financial or non-financial) made by each party to the net value of their assets and superannuation entitlement (in the case of married couples);
- Analysing if any adjustment is to be made when considering factors in section 75(2) of the Family Law Act (or section 205ZD(3) of the Family Court Act) in favour to any of the parties. These factors include age, health, care of children under the age of 18 years, income earning capacity and access to financial resources; and
- Considering whether the outcome from steps 1 to 3 above is fair and reasonable to both parties.
To save on legal costs it is better for the parties to agree and file an Application for Consent Orders in the Family Court. However, sometimes parties find it impossible to negotiate and reach a compromise, so they need to commence Court proceedings.
We can provide you with advice as to your entitlements in a property settlement and assist you to draft or complete an Application for Consent Orders.