Regarding property settlement law, there is actually no presumption of equal division of property. The Family Court considers the extent of the assets to be distributed, the financial and non-financial contributions of both the partners and their current and future financial needs, in order to decide on how to divide the property.
This article will help you to understand whether the distributions of property are just and equitable and the respective shares received by each of the partners are in accordance with their current and future needs.
The final step in determining a property settlement matter is to assess if the settlement meets the current and future needs of the partners and whether the said settlement is just and equitable.
Current and future needs take into account a range of things, including:
Age and state of health of each of the partners;
- Income, property and financial resources of each of the partners and their physical and mental capacity for appropriate gainful of employment;
- Whether any of the partner has the care or control of a child of the marriage who has not attained the age of 18 years;
Commitments of each of the partners that is necessary to enable the partner to support:
- Himself or herself;
- A child or another person that the party has a duty to maintain; and
- The responsibilities of either partner to support any other person.
According to the Section 79(2) of the Family Law Act 1975 (the Act), a Court shall not make any Order unless it is satisfied that, in all the circumstances, it is just and equitable to make such an Order.
The Court at first takes into account all the matters in Section 79(4) of the Act, such as age and state of health of each of the partners and then considers whether it is just and equitable to make such an Order.
The primary objective of this step is to determine whether the proposed settlement is fair, taking into account the contributions made by each of the partners towards their relationship and their individual current and future needs.
It is recommend by our Solicitors to seek legal advice whenever a settlement process is in course so as to check whether the said settlement is just and equitable between your partner and you. Our team of experts at Owen Hodge Lawyers are always ready to help you in this regard and will endeavor to help you in achieving the best possible results.