While there is no specific formula or mathematical calculation to determine the division of property after separation, the Court does take the following 4 step approach when asked to decide how to split property between parties:
Step 1. Identify and value the assets, liabilities and resources of the parties.
Step 2. Consider the contributions of the parties made throughout the relationship
Step 3. Consider the future needs of each party
Step 4. Determine whether the proposed settlement is just and equitable.
Using this same approach, we are able to provide you with an estimate of your range of entitlements, based on our experience, that the Court might award you if you ran the matter to a full hearing. Armed with our advice, and utilising our expert negotiation skills, we will work hard to reach a resolution without the need for the court’s involvement. Reassured if the matter is not resolved with Solicitor assisted mediation, we are experienced in achieving excellent results following litigation.
A Binding Financial Agreement (BFA) is a contract between a couple that formalises how their property, assets, superannuation and liabilities will be divided in the event of a breakdown of a marriage or a de facto relationship. A valid BFA ousts the Court’s jurisdiction in relation to financial proceedings between the parties generally, or in relation to specific issues, and can be entered into at the beginning, during or after a relationship.
The money, or in-kind payments, paid by one parent to the other (or to someone else if the children do not live with a parent) is called child support or child maintenance. Child support may apply to all parents whether married, in a de facto relationship, never lived together, or never had a relationship, and also may include same-sex parents.
The Child Support Agency (CSA), which is the Commonwealth government agency that looks after child support payments, uses a mathematical formula to work out how much child support should be paid, known as a child support assessment. Once a child support assessment is made by the CSA, parents are free to arrange private payment of this sum. The person entitled to receive the child support payments can also ask the CSA to collect these payments on their behalf.
Parents are able to enter agreements known as “child support agreements”, which set out in writing the amount, frequency and method of payment of child support payments. Centrelink has rules that must also be taken into account when entering a child support agreement.
Need help with a legal issue? Send us your details and one of our team members will be in touch
As a small Wollongong law firm, we pride ourselves on providing a personal service in which the client deals directly with the solicitor with carriage of the matter. Our focus is on delivering high-quality legal support that is both efficient and affordable.
Level 1, Suite 43,
26-28 Market Street
Wollongong NSW 2500
office@hannalawyers.com.au
02 4228 0084
9am – 5pm
(Closed 1 – 2pm daily)
Illawarra
South Coast
Southern Highlands
Sydney
Liability limited by a scheme approved under Professional Standards Legislation
ABN 33 152 402 143 | COPYRIGHT © 2024 | Disclaimer
Please reach out and ask a question for FREE advice within 24 business hours