When couples separate they need to divide the property they have acquired during their relationship. Property can include real estate, monies in bank accounts, shares and investments, companies and trusts, motor vehicles, furniture and effects and superannuation.
The Family Court takes a four step approach when determining the division of matrimonial property as follows:
- Determining the net asset pool, that is the value of your assets less the value of your liabilities;
- Assessing the contributions, both financial and non-financial, that each of the parties made during the relationship;
- Assessing the future needs factors of each of the parties;
- Ensuring that the overall result is both just and equitable.
Our aim is to negotiate a fair and equitable property settlement without the need to go to Court. The delays in the Court system can mean that you could be waiting up to 2 years before your property settlement is determined.
Resolving your property settlement by consent is both quick and cost effective, allowing you to move on with your life.