PROPERTY SETTLEMENT
Under the Family Law Act 1975 (Cth), the Family Court of Australia has the power to make court orders regarding property settlement. When a couple divorces or separates, they may make decisions regarding how the property of a marriage will be split. There are a number of legal issues that are taken into account, including how assets such as real estate will be split, whether one partner has to support the other by paying maintenance, and how the children of the relationship will be supported.
The Court first hears evidence about the property owned by each party to a divorce, which includes all assets – real estate, bank accounts, businesses, shares, valuables and superannuation. Next, the Court will decide how this property will be split in a property settlement, based on the needs of the parties and their ability to support themselves and the children of the relationship. The Court must settle a property dispute in a just and equitable way, taking into account the advantages and disadvantages of both parties.
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If you have a family law matter, we recommend that you contact an experienced Family Lawyer immediately. This page should not be used as legal advice.