When dividing property between former spouses (‘parties’), the Family Courts first determine the assets to be divided. This is usually a ‘balance sheet’ of assets and liabilities where the value of the ‘pool’ of assets is net of mortgages, credit cards, loans and tax liabilities.
A division is made as percentages of the pool, factoring in the financial and non-financial contributions by each party, and their future needs, as the most significant considerations under the Family Law Act. Each case is determined based on its own facts and circumstances. At Counsel Family Lawyers we can advise you in relation to your own circumstances.
A division of the pool often requires assets being sold and the proceeds split, one party paying the other a sum of money, and/or a transfer of other property from one party to the other.
However, the Court does not automatically alter the existing ownership of property. The Court must only do so if it is just and equitable to do so. At Counsel Family Lawyers we treat each case as unique in its own way and work with our clients to explore the potential outcomes applicable to their case. In many relationships of a short duration, without children, where the parties have kept their financial affairs separate, it may not be appropriate to make any alteration but simply declare that each keeps what they have, and the resulting percentage is effectively the decision.
In the case of Chancellor & McCoy (2016), the parties were a same-sex de facto couple who lived together for 27 years. The Full Court of the Family Court found that because the parties made no joint financial decisions, kept their financial affairs separate, were not aware of the financial position of the other and had not left money to the other in their wills, it was not just and equitable to alter the parties’ existing property interests.
Please contact James Moore at Counsel Family Lawyers to find out how the Court may approach your individual matter please call our office 9320 3900 or send an email to [email protected]
The information in this blog does not constitute legal advice and cannot be relied upon by you. If you require advice specific to your situation you must contact CFL for legal advice. The contents of this blog are relevant as at 9 June 2017. As the law changes – again we recommend you obtain specific advice relevant to you and your family situation.
