By Andrew Banna, a Principal of Matthews Folbigg, in our Family Law Group. In the event of a divorce or separation, parties will need to arrange the division of assets and debts. There are a few different avenues that could be taken with a divorce lawyer to do this depending upon your unique situation. Such avenues may include:
- An agreement being reached between you and your former partner on the division of property without Court interference ; or
- An agreement by applying to the Family Court for consent orders; or
- The matter proceeds to Court and a Judge could ultimately determine the outcome of your case.
With guidance of a divorce lawyer you will be able to have a clearer understanding of the general principles under the Family Law Act that are deliberated in property settlement orders; thus enhancing your chance of receiving a positive outcome.
The principles consist of:
- Working out what you’ve got and what you owe, that is your assets and debts and what they are worth;
- Direct financial contributions by each party to the marriage or de facto relationship such as wage and salary earnings, savings and property;
- Indirect financial contributions by each party such as gifts received from family members and inheritances;
- Non-financial contributions to the marriage or de facto relationship such as caring for children, home improvements and homemaking; and
- Future requirements – a Court will take into account things like age, health, financial resources, care of children and ability to earn an income.
It is important to know how these principles apply to your case so that you can ensure your position is properly represented in any settlement negotiations or Court consideration. Our Accredited Family Law Specialists are able to look at the best outcome for you and give you advice in relation to your property settlement and other family law matters.
For more information, visit our page on Separation and Divorce.
For advice contact us on 1800 300 170 or email us at famlaw@matthewsfolbigg.com.au
