If you have recently separated or are considering separating, it will be necessary to do a property settlement. A property settlement is not a divorce.148441916

A property settlement occurs when all assets and liabilities (including partner’s superannuation) is taken into account and it is determined how those items should be divided up amongst you and your estranged partner.

No two property settlements are ever the same. Listening to how a friend’s matter was resolved or determined is not necessarily a guide to what will happen in your situation.

When reaching a family law property settlement, many factors need to be taken into account. Such factors include the following:

– Each party’s financial contributions (pre-marriage, during the marriage and after separation).
– Each party’s non-financial contributions (pre-marriage, during the marriage and after separation).
– Each party’s contributions as homemaker and parent.
– Each party’s health; incomes; future earning abilities; child support being paid/received; the care arrangements for any children under the age of 18 years; party’s ability to find alternative accommodation.

The above factors are not an all encumbering list. There are “other” factors/considerations that are taken into account in certain instances.

Unfortunately there is no textbook answer to a family law property settlement, nor is there a table in the Family Law Act that says you own “X”, you were married for “Y” years and you have 3 children aged “A”, “B” and “C”, therefore your property settlement should be “XYZ…”

The team at Anderson Boemi Lawyers can give you the correct advice on how to reach a property that takes into account all the necessary considerations relevant to your situation.

Our firm prides itself on resolution not litigation. If you think we can be of assistance please call the office and make an appointment to see Marissa Boemi.

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