When a marriage breaks down, financial separation is often one of the most complex aspects of settling assets between both individuals. You may wonder what you and your wife are entitled to. Some of the common assets that remain in conflict include property, savings, and superannuation. To manage this situation, the Australian family law adopts a clear approach considering the contributions made during the relationship and each individual’s future needs.
On that basis, this blog explores how post-separation superannuation is assessed during the divorce and what steps you can take for a feasible outcome.
The post- or during-divorce property settlements in Australia are governed by the Family Law Act 1975. Along with marriage, this law is applicable to de facto relationships. The Family Law Act treats property division as a separate process from the divorce itself.
In such situations, the court aims to achieve a ‘just and equitable’ outcome based on individual circumstances. It means that every case is assessed on its own merits. The outcomes of divorce cases are based on both individuals’ financial realities, contributions, and future needs.
In Australian divorce proceedings, all assets and liabilities are considered as part of a shared property pool, regardless of whose name they are held in. This procedure is made to ensure transparency and fairness during the asset settlement process. Some of the common inclusions include:
Real estate, including the family home and investment properties:
Courts mainly follow a three-step approach when determining how the properties should be divided after a divorce. Here’s how divorce property settlement Perth proceedings work:
The first step includes the identification and valuation of all assets, liabilities and financial resources of both parties. Some of the main assets taken into consideration include real estate, savings, investments, businesses and superannuation. In terms of liabilities, the court specifically gives attention to mortgages and personal debts.
Next, the court evaluates contributions made by both individuals during the marriage. These include both financial and non-financial contributions. Some of the financial contributions include:
After the evaluation of assets and contributions, the court analyses areas where adjustments should be made based on each party’s future circumstances. Finally, the court reviews the proposed division to ensure that it is “just and equitable” in all circumstances. The court also considers the practical effect of the division on both parties before finalising the property settlement.
Under both financial and non-financial factors, the court assesses the following factors for deciding asset distribution:
To precisely analyse what portion you and your wife will get, it is preferable to take assistance from both an accountant and divorce lawyers in Perth.
Yes. In Australia, legal ownership does not determine entitlement. All assets, regardless of whose name they are in, are included in the property pool. This can include assets acquired before the relationship, particularly if they have been used or enhanced during the marriage.
Spousal maintenance is separate from property division. Your wife may be entitled to financial support if she is unable to support herself adequately and you have the capacity to assist. This obligation is assessed independently of asset distribution and depends on financial need and ability to pay.
Before and during the court proceedings, you can take the following actions with the help of divorce separation lawyers in Perth for a feasible distribution of assets:
The division of property post-divorce in Australia is guided by transparency. These arrangements were carefully taken into account for contributions, financial circumstances and future needs of you and your spouse. In addition, superannuation and all shared assets form part of a broader property pool regardless of ownership. By taking assistance from a divorce lawyer and a transparent presentation of properties, a feasible outcome can be achieved for both individuals.
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