Our family lawyers and Property Settlements

Understanding how a property settlement occurs is a complex issue.  However, our family lawyers in Townsville can assist you with understanding this by referring to a formula and calling on their own experience with it:

1. Assets and Liabilities. This is the most obvious step – what exactly are we dividing?  Here consideration is given to the real property and its value, vehicles, boats, businesses/companies, jewellery, savings, superannuation entitlements, other assets as well as mortgages, loans, credit cards, and the like at the time of commencing the property settlement. This becomes the ‘property pool’ and is what is up for division amongst the parties.
2. Contributions. Once the property pool has been ascertained,  then consideration is given to the contributions both parties have made at the commencement of the relationship, throughout the relationship, and since the parties have separated. This can include any property that either party brought into the relationship, who took care of the children (if any) and carried out most of the domestic duties, whether any gifts or inheritances were received, and who is continuing to make mortgage repayments and the like since separation had occurred.
3. Future Needs. Consideration is given to the future needs of each party, such as health needs, income earning capacity, who has care of the children and whether those children have special needs.
4. Just and Equitable. After considering points 2 and 3, what would be the most just and equitable outcome for both parties by deciding what percentage of the property pool each party should retain. The assets and liabilities are then split according to those percentages.