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Mitcham
03 9837 2100

Greensborough
03 9435 3811

Property

Now that you and your partner are separating how is it determined who gets what? The steps for working out an appropriate division of property include:

  • Determining the asset pool – that is the value of what the parties own together and separately (including superannuation), what liabilities/debts are owing, and the financial resources of both parties.
  • Assess the contributions made by the parties – this includes direct and non-direct financial contributions and non-financial contributions.
  • Assess the future needs of the parties – that is the age and health, income and potential future income, financial resources, the care of children, the standard of living, and the overall financial circumstances of the households.
  • Determining if the proposed settlement is fair, just and equitable – The Courts look at the overall circumstances of the case to ensure the settlement is fair to both parties.

A property settlement can be formalised by Court Orders or by Consent Orders (where both parties agree) or alternatively by a Binding Financial Agreement (“BFA”). A BFA can be made before, during, or after a relationship. The Family Law Act provides both married and de facto partners to enter into a BFA, however both parties need to obtain independent legal advice.

CONTACT US


For advice on the likely course involving your matter, please contact us or request a call back at a convenient time.

Mitcham
2/602 Whitehorse Road, Mitcham 3132
P.O.Box 21 Mitcham 3132
DX 13202 Mitcham
03 9837 2100
[email protected]

Greensborough
65 Main Street, Greensborough 3088
P.O.Box 338 Greensborough 3088
DX 98802 Greensborough
03 9435 3811
[email protected]

With a full legal service profile, covering all areas of law, from corporate business, private to personal, our practice is dynamic, innovative and forward thinking. With experienced lawyers and staff, in-house counsel, paralegals and legal executives, MW Law is a truly representative and experience team.

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