September 2019 | Ariza Arif
“How do we work out our property split? What will I get? I put in [x] amount and I want it back!”
“I have to look after the kids, I should get more money!”
The above sentiments are very common when seeking an adjustment in a property settlement. The Family Law Act 1975 (Cth) sets out how a Court assesses and determines a result that is “just and equitable” – that is, fair.
In summary, there are four (4) steps to guide the assessment and determination of a property adjustment, being to:
- Identify and value the property, assets, liabilities and financial resources for both parties;
- Identify and assess the contributions (both financial and non-financial) of both parties, including at the commencement of, during the relationship and after separation;
- Identify, assess and determine any adjustments which may need to be for the future needs of both parties; and
- Ensure that the proposed property adjustment is just and equitable – that is, fair to both parties.
In financial matters both parties have a positive duty to disclose all financial documents to demonstrate their financial position. This is to assist to determine these 4 steps.
For specialist advice on your property adjustment, contact us on (02) 9231 2466 or by email to firstname.lastname@example.org to speak with one of our experienced Family Lawyers to discuss the process in more detail and to assess your options.