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Divorce or separation: understanding asset division

  • February 14, 2024

Home " Legal Blog " Family Law " Divorce or separation: understanding asset division

Divorce or separation: understanding asset division

In the realm of divorce or separation, there is no one-size-fits-all solution for dividing assets. While you may have heard of a 40/60 or 70/30 split, each separation agreement is unique and tailored to the specific circumstances of the individuals involved. There is no set formula for dividing assets when negotiating a separation agreement; rather, a thorough review of every aspect of your situation is crucial.

Determine your split

The Family Law Act 1975 outlines general principles for DIY separation agreements, mediators and family lawyers in determining what is fair in your case. Both parties need to consider a variety of factors, including:

  • Assets and Liabilities: Evaluate all of your assets and liabilities that form the basis of your asset pool.
  • Financial contribution: Consider the direct financial contribution each party makes to the relationship.
  • Indirect financial contributions: consider gifts and legacies from family members.
  • Non-financial contributions: recognising contributions in areas such as property renovation and childcare.
  • Future needs: consider factors such as age, health, financial resources, childcare responsibilities and earning capacity.

If the parties are unable to reach an agreement and the matter escalates, the judge will apply these principles in reaching a decision. Judgements are based on the evidence presented and are designed to be fair and just based on the unique circumstances of the case. Generally, the division of assets and debts will be based on the specific circumstances of you, your partner and your family.

Because these considerations are individualised, your protocols are likely to be different from those you hear from others.

If you have any questions, please speak to the experienced team at Dahingwell Solicitors, pleaseclick hereLearn more, orContact UsOffice. Address Level 2, 262 Queen Street, Melbourne

 

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