Division of Assets at the end of a (marriage, de facto or same sex) relationship

The division of assets is a necessary consequence of the breakdown of a relationship as it brings to an end the financial relationship between the parties and enables the parties to be financially independent of each other.

Until 2009, the Family Court and the Federal Magistrates Court (these are Commonwealth Courts) were responsible for dealing with property settlement in Marriages whilst the State Courts (District and Supreme Courts) were responsible for property settlement in De Facto and same sex relationships.

In 2009, the law was changed so that any couples in De Facto and same sex relationships who separate on or after 1 March 2009 now fall under the jurisdiction of the Family Court and the Federal Magistrates Court.

The change in the law is beneficial to those in De Facto and same sex relationships for two reasons firstly, they are now able to have their property settlement dealt with by the same Court as their children's matters (Parenting, Residence & Contact) whereas prior to 2009 they were required to bring Children's issues before the Commonwealth Courts and their property settlement matter before the State Courts.

Secondly, the Commonwealth Courts are much better equiped to deal with Property Settlement in the context of family relationships.

The division of assets is a complex area of law.  The factors which the Court is required to consider include contributions made by each party to the relationship, their role as a parent and homemaker as well as a number of discretionary factors.  As no two cases are identical, the outcomes for each case is different and must be assessed on its particular facts and circumstances.

Often there are issues as to the valuation of assets especially businesses, collectables and certain types of superannuation entitlements.

Our Team at Patrick Lim & Associates will be able to assist you with your Property settlement as well as children's issues.  Contact us to make an appointment to see one of our lawyers.

The above is not legal advice and is only a brief summary of a complex area of Law.  You must seek legal advice which is appropriate to your particular and specific circumstances.

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