The outcome of the property division can have a dramatic effect on the position of the parties moving forward including how quickly each of the parties can re-establish financial stability.
Property division can be achieved in various ways. It can be the result of a negotiated agreement between the parties or by determination of the Court.
Where a Court determination is required, the Court will apply a four-step approach as follows:
- Firstly, the court identifies the asset pool. The asset pool may include real estate, vehicles, shares, interests in trusts or interests in a business.
- Secondly, the court looks at the financial and non-financial contributions of the parties and considers whether there should be an alteration of ownership of the property as a consequence of those factors.
- Thirdly, the court considers the “needs factors” and decides whether ownership of assets should be altered to provide for the future maintenance of a party to a marriage. The court will look at matters such as the future earning capacity of the party, caring for children, financial resources, age and state of health.
- Finally, the court considers whether any proposed orders for the alteration of property interests are just and equitable.
We pride ourselves on assisting our clients in resolving property matters without the need to apply to the Court. If such a negotiated settlement is not possible and it is necessary to seek the assistance of the Court, we will make sure that you are well advised and we will advocate for you whilst ensuring that you are confident and comfortable with the Court process.
Our clients are confident in the knowledge that they are in a safe set of hands.
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