Property settlement is the term used to deal with division of assets between separating spouses.
Whether legally married or a defacto couple, the Family Law Act now covers the division of financial assets and resources between them.
There is a usually recognised four step process in dealing with assets of parties.
- identify the asset pool
- consider the contributions to that asset pool by either of the parties
- consider the future needs of each of the parties
- consider whether or not it is just and equitable to make an order adjusting each parties interests in the asset pool.
The process is easy to state but interpreting it for each parties individual circumstances is often quite difficult. It is here where our targeted professional and experienced advice can assist you. we have an accredited specialist in family law on our team.