Splitting your assets if your relationship breaks down

 

The breakdown of a marriage or de facto relationship is often an emotional and difficult time. Our team of knowledgeable and compassionate Family Lawyers at Callea Pearce will assist you during this challenging time to ensure you know what assets you are entitled to.

Each situation is different.

There is no automatic entitlement that assets should be divided 50/50, 60/40 or in any other subjective proportion. This makes it all the more important to have an expert Family Law team on your side to ensure you get your fair share of your hard earned assets.

People often receive “advice” from well-meaning friends or family as a result of their own experiences. This advice is often misleading and can be unhelpful when it creates a false expectation. It is important to remember that every situation is different.

Many factors are taken into account by the Family Law Courts when considering how property is to be divided. Factors that you will need to discuss with us include:

  • Current value of your assets and liabilities. This includes superannuation entitlements along with assets held personally, in partnership, by trusts or companies.
  • Direct financial contributions made by each person to the acquisition and maintenance of assets.
  • Indirect financial contributions made by each person in the relationship, for example, giving up work to allow the other person to further their own career.
  • Non-financial contributions by each person, for example, caring for children and being the homemaker.
  • Future needs of the parties, for example, age, health, financial resources, superannuation, care of children and income earning capacity.

After considering all of the above factors, the Court will consider whether any proposed property settlement is ‘just and equitable’.

As you can see, it is not as simple as going 50/50 and many factors come into play. It is vital that if you are considering separating, or have already separated, that you come see us to make sure you achieve the most positive solution.

Please Contact Us or drop into one of our offices located at Melton, Werribee and Bacchus Marsh to ensure that you have the vast experience of our sensitive Family Law team working on your side.

 

All information in this article is of a general nature and should not be treated as legal advice. You should seek legal advice from us before acting on any of the above information.