One of the biggest issues that separating spouses are faced with in a divorce is division of property. Property matters are hugely complicated, although the law stipulates quite a number of provisions that address this issue.
Let’s take a look into some of the common questions that arise concerning property division after a divorce.
Are assets distributed equally between the separating parties?
The courts in Australia have discretion over how property will be split among the divorcing parties. That’s why, dividing the property is not automatically split equally between both parties. Some of the things the courts consider are the domestic and financial contributions, as well as the clear definition of what is equal and just for both parties.
As for the financial contributions each of the parties made before the divorce, the court takes into account the property investments each of them made. The court may also consider the contributions made to all the properties, and they make a decision from there.
What about the properties both parties had before their marriage?
The length of the couple’s marriage will determine the importance of properties that have been brought into it. How the properties have been used and maintained will also play a crucial role in assessing how premarital properties are going to be divided.
What about the stay at home parents and homemakers? How is property divided for them?
The court will usually consider the property available to be divided among the parties involved. When assessing the contributions of a stay at home party, there is no set rules that the court takes into account. That’s why, the greater the property both parties share, the greater the value a stay at home partner will get.
How is a business property divided in a divorce?
Even if only one party is involved in a business, the other may still be entitled to some share of the business. Some of the things the court will consider include the maintenance of the home and the money involved in caring of any children by the other party not directly involved in business.
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Property division is an extremely complex matter that needs to be addressed with qualified family lawyers in Sydney’s Inner west. For more information on property division after a divorce, contact Christine Manolakos of CM Lawyers on 02 9568 6266.