Step 1:

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.

Step 2:

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.

Step 3:

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.

Step 4:

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.

 

 

Galbally & O'Bryan's team of Family Law experts can assist you.

Partner Andrew O’Bryan and Senior Associate Elizabeth Gray are expert Family Law lawyers.

andrew-o-bryan

Andrew O’Bryan

elizabeth_gray

Elizabeth Gray

 

 

Andrew and Elizabeth will review your case and provide clear, easy to follow advice and take action to give you the best possible outcome.

 

How to contact our Office

 

Melbourne Office
259 William Street 
MELBOURNE VIC 3000 

T (03) 9200 2533 
enquiries@galballyobryan.com.au 

 

Dandenong Office 
Shop 9/147-151 Foster Street 
DANDENONG VIC 3175 

T (03) 9769 2510 
dandenong@galballyobryan.com.au 

 

Pakenham Office 
Shop 1, 15 John Street 
PAKENHAM VIC 3810 

T (03) 5941 7990 
pakenham@galballyobryan.com.au 

 

The information on this website is of a general nature only and may not reflect recent changes to certain areas of law. It should not be relied upon as a substitute for discussing your situation with a qualified legal practitioner. Contact us for more information.