The Courts will, as far as practicable, make such Orders as will finally determine the financial relationship between separated parties to a marriage or de facto relationship. The Courts’ powers include being able to:
- Alter the interests of parties in property despite that which may be registered on title;
- Make declarations about the rights of parties in property;
- Make Orders affecting the interests of third parties.
The Courts adopt a multi-staged approach when determining the final interests of parties in their divisible pool of assets, as follows:
- Identifying and valuing all assets, liabilities and financial resources, including superannuation.
- Assessing the financial and non-financial contributions made by each party, including in the capacity of parent and homemaker.
- Assessing the future needs of each party based on their respective ages, health, care of children, income and capacity to earn, as well as various other issues.
- Assessing whether the final division is just and equitable in all the circumstances of the parties’ relationship, and altering their property interests if need be.
For advice in relation to the above or any other Family Law issues please do not hesitate to contact our office to arrange an initial half-an-hour conference with one of our lawyers, free of charge on 03 9366 555
To book a consultation with our family law team, call us today on 03 9366 5555.