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Galbally & O’Bryan
Same Sex De Facto Relationships - Property settlements
- The law sets out a four step approach to dividing up your assets.
- The first step is to make a list of all the assets owned by you and your ex-partner. This includes:
• Assets owned individually;
• Assets owned jointly;
• Assets owned by family trusts or companies;
All the assets must be valued as close as possible to the date of your agreement to divide them.
- The second step is to look at the contributions that each of you made during the relationship. These include:
• Each party’s income and the application of that income;
• What each party owned when they first began living together;
• Any unpaid work either party did, for example home renovation or unpaid work in a business for the other party;
• Home making and parenting contributions.
The Court generally gives financial contributions the same value as home making and parenting contributions.
- The third step is to look at each of your future needs. This will take into account various factors including:
• Your respective ages, health and income earning capacity;
• Whether either of you has a responsibility to care for children;
• Whether either of you has re-partnered and the financial circumstances of that relationship;
• Whether either of you has an obligation to pay child support.
- The fourth step is an overall assessment of whether the settlement is fair.