What is Relationship Property Settlement?

Relationship property settlementsA property settlements includes dealing with and dividing all of the property of the relationship such as houses, cars, shares, superannuation, liabilities (mortgage, credit cards), and financial resources (eg. family trusts). The property, liabilities, and financial resources of the relationship can be in joint names, your name only, or your spouse’s name only.

How to determine the Party's Eligibility for pension?

The court will take into account the eligibility of either party for a pension, for a Commonwealth pension, or benefit under any superannuation fund or scheme.nnThe court will look at the standard of living which in all the circumstances is reasonable for a party to the relationship.nnThe court will also determine what financial support should be provided to a party to enable that party to undertake a course of education or training, which would enable that party to financially establish himself or herself in a business or otherwise to enable that party to obtain an adequate income.

What is the 4 step approach in giving consideration to making orders in regard to the division?

The court applies a 4-step approach in giving consideration to making orders in regard to the division of the net matrimonial assets of the parties to a relationship after eligibility is considered and approved.nnThe 4-step approach involves:n1. identifying the value of the net property of the parties;n2. considering the contributions of the parties, whether financial or otherwise;n3. the future financial security of the parties; andn4. whether any order proposed by the court is just and equitable.nnIn determining what is just and equitable, the court will consider whether the proposed orders to be made by the Court require adjustment for a fair and equitable division of the net matrimonial assets of the parties.

What are the approaches to the Property division of matrimonial assets?

There are two approaches to property division of the net matrimonial assets:n1. A global division, which involves the division of the parties’ assets on a global view of the total assets; andn2. The asset-by-asset approach involves a determination of the parties interests in individual items of property.

What is The Global Approach to the Property division of matrimonial assets?

Most matters dealt with in the Family Courts are done on the global approach. This is considered when all the assets and liabilities (including superannuation) are grouped into a single pool and then split according to a Court ruling.nnThe Asset-By-Asset ApproachnnThe court may decide a matter on an asset-by-asset approach when:nnthe relationship was of short duration, and during the relationship, the parties strictly divided and kept their own assets separate from each other;nassets were divided informally at separation, and there is a long delay between separation and proceedings, particularly where one or both parties have built up significant assets after separation;na party is receiving a pension in the payment phase of that party’s entitlement in a superannuation fund where the pension could not be converted into a lump sum entitlement.nnWhen making a decision and delivering the judgment in relation to financial matters, the Court has, under section 81 of the Family Law Act, a duty to end the financial relationships between the parties.n

What property is to be divided under the Family Law Act?

Property is defined as being the property of the parties to a relationship, which the parties or a party is entitled to, whether held in possession or reversion.nnProperty has always been given a very wide meaning by the Courts. The following matters are relevant:nn1. a capacity to borrow is not property;n2. an order for property may give rise to an interest in property which is defeasible on assignment or transfer to a third party or upon the occurrence of a certain event;n3. the right of action of a party to claim damages for personal injuries. The award for damages for personal injuries that a party may ultimately receive may not be considered property, although it may be given consideration under section 75(2) of the Act at providing financial security for that party;n4. the interest of a party in a partnership may be considered or the value of such interest.

What is the valuation of a property to determine its value of a financial division?

Valuation of a property to determine its value for the purpose of a financial division of the net matrimonial assets.nnThe parties can normally determine the value of a certain property, being the property of the net matrimonial pool. However, where the valuations cannot be agreed upon, the Court will require that valuations be obtained on each item of property by registered valuers or persons qualified to give such valuations.

What are the Financial Contributions of Divorce Property Settlements?

1. The court has a duty to assess the contributions of the parties during the relationship.n2. Initial financial contributions by the parties at the commencement or beginning of their relationship.n3. Post-separation contributions.n4. Contributions to the welfare of the family.n5. The future financial positions of the parties and their standard of living.n6. Just and equitable division.

Divorce Property Settlement Archives

17 Jul 2017

DIVORCE PROPERTY SETTLEMENTS

James Noble

Comprehensive Guide to Divorce Property Settlements, De facto Property Settlements, and Same-Sex Couple Property Settlement In Australia What is Property Settlement? Divorce Property Settlements issues like Financial issues arising from the breakdown in a relationship can be resolved at any time following the date of separation. In family law, this is known as a “property settlement”. What is required to obtain a divorce in Australia? Divorce is dealt with in separate proceedings. The requirement to obtain a divorce in Australia is...

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