Property Settlements – Are they really a 50-50 split?
Finding the facts in Family Law Property Settlements
Going through a divorce is tough at the best of times. But it feels especially tough when you don’t know your rights, including whether your hard earned assets are going to be split completely, with half given to your spouse at the time of settlement. This concept of the ‘50-50’ split is an age-old Family Law myth. In Australia, where Family Law is a federal matter, division of financial assets are decided upon a range of factors, and is not merely an exact mathematical equation. As such, property settlements are less about checks and balances and more about what is ‘just and equitable’ in the eyes of the Court; this is derived from section 79(2) of the Family Law Act 1975 (Cth) (the Act).
Further to this, you will find the list of considerable factors of a property settlement within section 69 of the Act. This lists the following considerations including financial contributions, indirect contributions, earning capacity, childcare and more. However, it is useful to know that you do not necessarily need to go to court for your divorce. Other avenues of dispute resolution exist, and your lawyer will assist you to get the best advice in relation to this approach, saving you on costly court fees. Wherever possible, parties are encouraged to reach an agreement themselves, with the help of their solicitors. This can then be made legally binding via an agreement or by submitting consent orders to the court.
If you have a Family Law matter you wish to seek assistance with, our trusted Family Law experts can assist you to get the right information you need, and will leave you feeling like you are in the right hands as you navigate what is often a difficult and lengthy process.
Call us today for a free chat on 3221 8000 or
Visit our website to learn more: https://qldlawgroup.com.au/areas-of-law/family-law/