The Four Guiding Principles of Property Settlement:
The following are the 4 guiding principles for property settlement in Australia. Of course everyone’s circumstances are different and they need to be taken into consideration, but the following 4 principles must be considered if the agreement reached is to be formalised by the court
What are the assets and liabilities?
The general assumption is any assets and/or liabilities acquired during the relationship are owned jointly
As a rule, financial and non-financial contributions are weighted equally.
Future needs and the issues which impact on them?
This looks at whether someone within the relationships will be more greatly disadvantaged by the breakdown of the relationship than another person and how that will be managed.
Is the agreement Just and Equitable?
Any agreement reached must satisfy the Family Court’s requirements for justness and equitability, If the agreement is deemed to not satisfy the requirement for a just and equitable settlement the court may not formalise the agreement.
Most people have never had any experience with Family Law when they find themselves looking for ways to finalise their separation and divorce. It is important to research your options and educate yourself about your obligations and rights under the Act. The Family Court website is a good place to start www.familycourt.gov.au
A Family Law Mediator will also give you information and help direct you to the best solutions for your family