Property Distribution: Navigating the Path to Fairness and Equity

The Family Law Act and the courts prioritise justice, fairness, and equity when it comes to the division of assets between partners in a relationship. Whether a spousal relationship has broken down or a marriage has ended, the distribution of assets and property can be resolved through agreement or court orders. At JK Lawyers, our team of skilled family lawyers is dedicated to representing the best interests of our clients and ensuring a thorough and results-oriented approach to property distribution.

What makes up the asset pool?

The asset pool comprises all assets and liabilities of both parties, including real estate, bank accounts, investments, vehicles, businesses, shares, income from time-share arrangements, assets held in trusts, insurance policies, superannuation, and debts. It is essential to take into account all relevant assets and debts to ensure an accurate division.

What debts need to be taken into account (e.g., tax debts)?

All debts, including tax debts, must be taken into account during property distribution. It is vital to consider both joint and individual debts to achieve a fair and equitable division.

What about personal loans and gifts from family?

Personal loans and gifts from family are considered part of the asset pool and may influence the distribution of assets. Their inclusion depends on various factors, and legal advice can help clarify their impact on property division.

How is superannuation split?

Superannuation can be split between partners as part of the property settlement. The court can make a superannuation splitting order to divide superannuation interests between parties.

What if I suspect that my spouse is hiding assets (in Australia or overseas)?

If there are suspicions of hidden assets, it is crucial to gather evidence and seek legal advice. The court has the power to set aside transactions or orders that involve the disposal of assets to defeat a claim.

What about gambling losses?

Gambling losses are generally considered as part of the overall financial situation and may be taken into account when determining the division of assets.

What if I had property prior to the relationship?

Assets owned prior to the relationship are called pre-relationship assets. In some cases, they may be treated differently in property distribution, and legal advice can help protect these assets.

What if I have made non-financial contributions to our house?

Non-financial contributions, such as homemaking and caring for children, are recognised by the court as contributions to the relationship and may be taken into account in property division.

What about my future needs?

The court considers future needs when determining property distribution, including factors like age, health, financial resources, and future earning capacity.

What is a financial agreement?

A financial agreement, historically known as a prenuptial or postnuptial agreement, is a legally binding document that sets out how assets will be divided in the event of a relationship breakdown.

At JK Lawyers, we understand the complexities involved in property distribution and are committed to guiding our clients towards the best possible outcome. Our experienced family lawyers thoroughly evaluate each case, propose strategic solutions, and provide professional representation with courtesy and diligence.

If you have questions about the asset pool, debts, superannuation, personal loans, non-financial contributions, future needs, financial agreements, or suspect hidden assets, contact JK Lawyers for reliable legal advice and representation.

We are here to ensure that your property distribution journey is navigated with fairness, equity, and professionalism.

Contact JK Lawyers today at admin@jklawyers.com.au or (03) 9562 2662 to schedule a confidential consultation with one of our dedicated family lawyers.