Propert Settlements - Process to determine division of property.
Identify all of the assets, liabilities and financial resources and work out the “net asset pool” available to be divided. If you cannot agree with your former spouse or partner about the value of an asset an expert may be appointed to value it.
Look at the contributions each party made at the start of the relationship, during the relationship and after separation, including:
• Financial contributions made by or on behalf of each party. For example, one party may have owned a house at the start of the relationship. Contributions may include income, gifts and inheritances.
• Non-financial contributions made by each party or on behalf of each other. Examples of such contributions include the role as a homemaker, parent or carer.
Look at the circumstances of each party after separation and the ongoing needs of each party. A multitude of factors can be taken into account, for example:
• The age and health of each party;
• Whether one party has the care of a child or children of the marriage or relationship;
• The incomes of each party;
• The future employment prospects and earning capacities of each party.
These factors can have a significant impact upon how the property is divided.
The final step is to determine what outcome is “just and equitable”, taking into account the previous three steps and all of the circumstances of the particular case including the length of the relationship.