What is the process of dividing assets for a divorce in Australia? The general case is that there is no 50-50 rule or formula to determine what each one should get, as is the case in many other countries.
Some people do not know which factors determine the split of properties, especially in complicated cases where one partner is not making any money and hence did not contribute to the assets in the home. The common sentiment around these cases is that the less financially independent spouse should not get the same amount of assets as the other. You may be surprised to learn that division laws are not set in stone, and each case will get a completely different outcome based on individual contributors.
Total Amount Of Assets To Be Divided
The available type and amount of assets, such as the family home, value of savings, business interests, vehicles, shares, and more. Our family attorneys in Melbourne also factor in expenses like the mortgage, loans, credit card debt, hire-purchase agreements, and more. The court will also look at the non-financial assets between both parties and consider how the wealth distribution will affect the entire family’s welfare.
What You Will Get From The Divorce in Australia Property Settlement
Sometimes, it is difficult to determine whether the property you brought into the marriage is solely yours following divorce. Shared assets belong more to both partners as time passes, which means the Australian law will look at the length of marriage to determine if the asset should be divided between both.
The court does a lot of work to estimate the correct amount of money on all assets and looks at the non-monetary contributions, such as the ability of one partner to be a better parent for the child.
How Our Melbourne Family Lawyers Calculate The Assets Distribution Process
We have a lot of experience in the division of assets and can quickly determine who will get what depending on the factors in place. Here is a summary of the entire process:
- Looking at all financial records to determine the total value of shared and individual bank accounts, shares, properties, trusts, debts, etc
- We add in the financial contributions made by each individual and include non-monetary things like gifts, wages, and inheritances. The court also considers the housework one does to look at the children or renovate the home
Our Australian family law lawyers will work with you to understand your possible future, so they know the exact adjustments you will have to make to maintain a decent life and get your fair share of properties. Some things to be considered include:
- Employment status
- Age of each spouse
- Health status of each one
- Duration of the marriage
- Standard of living before the marriage
The court will look at our application to determine if it is fair and equitable to all parties, including the children. They may require us to go over specific details to better favor another party with less earning power or a particular situation.
We have property lawyers who are exceptionally skilled at divorce in Australia property settlement cases, and they will be able to assist further your claim. Contact our divorce lawyers in Melbourne at 03-8742-3199 to arrange a consultation at our family law offices.