How much will I get from my divorce property settlement in Australia?
When you separate, you will want to know how much you will receive from your divorce property settlement.
The aim of this article is to provide an insight into the way in which Australian Courts divide property between a couple when they separate or divorce.
We also explain how financial and non-financial contributions are assessed as specified by the Family Law Act.
Under the Family Law Act 1975, the Courts have the power to make changes to parties’ property interests if it is satisfied that it is just and equitable to do so.
When making this order, the Courts need to consider the parties’ respective contributions to the property and other factors including their future needs.
The Courts are required to look at the financial and non-financial contributions made by each party to the property.
They also need to ensure that the welfare of the family is secure, and any children of the relationship are taken care of.
This is what makes a divorce property settlement difficult.
Checking the financial contributions that each party has made can be tedious and time-consuming, however, if there is a clean money trail, it is easy to calculate the dollar value of the contributions.
With non-financial contributions, there are many difficulties involved in placing a monetary value on the contributions made.
In valuing a non-financial contribution, the court will place the cost of the work as if another person had done it.
For example, if you fixed the fence of the matrimonial home, then you should get a quote to estimate how money was saved, and also how much the new fence increased the value of the property.
We have provided an Australian divorce property settlement example later in this article.