In family law matters, the first question we always get asked is “how much will I get?” And our answer is always: “it depends”.
That might seem like a typical response from any legal practitioner, but navigating the split of assets after a separation is a complex calculation which takes into account a number of factors. It is so much more than just drawing a line down the middle.
In reality, the Court considers several key factors when determining how matrimonial assets should be divided between parties. And our team adopts the same approach when advising you on what you can expect to receive.
First, we must determine what assets, liabilities and financial resources you and your former partner own or have access to. This is what we call the ‘matrimonial pool’.
Next, we have to consider the contributions made by each party before and during the relationship. These comprise of both financial contributions (such as paying a deposit towards the home) and non-financial contributions (like being the primary caregiver of the kids).
The fourth step involves turning our minds towards your future needs. What is your income and future earning capacity? Will you likely have primary care of the kids in the future? Do you have any health issues? These matters all influence whether one party has higher future needs than the other and could result in an adjustment in that party’s favour.
The final step is considering what is ‘just’ and ‘equitable’ in all the circumstances. Not surprisingly, this is probably where the most conflicting responses arise.
The team at Condello Lawyers have extensive experience in family law and are here to assist you during these challenging times to ensure that you achieve the best possible outcome.
If you wish to receive advice on property matters following a separation, please get in contact with us today.
