It is commonly thought assets in divorce settlements are split 50/50 and we all have that friend or family member who is a pseudo family law expert swearing this is correct right? Well, this is not true so tell your pseudo family law lawyer that Maspero Legal say they are wrong.
Whilst it would make family law less complicated if assets were divided at 50/50, automatic entitlement is sadly a myth. The truth is no two cases are ever the same in terms of splitting assets and there is a high level of skill and knowledge required when acting in these types of matters.
The ultimate decision and power rests with the Family Court and some of the steps and factors Judges take into consideration when determining how to split assets include:
Identifying each party’s net assets
From lottery winnings and superannuation to bank accounts and investment property, identifying the net assets of each party can be a complicated process with lots of paperwork.
Some parties try and hide assets and even attempt to get rid of them all together leading to further complications. Some parties may also have assets gained prior to the relationship which are dealt with slightly differently.
Assessing each party’s contributions
The Court looks at how each party has contributed to the relationship. For example, a wife may have looked after all the children for 15 years and never worked. On the other hand, the same wife may have worked full time and not had any involvement in the bringing up of the children. Or, a husband may have built the family house from scratch, maintained it and done all the house work while the wife paid the mortgage on the land and paid for all groceries and bills.
Considering each party’s future needs
Each partner’s future is considered for example ability to find work and support themselves financially. Some clients may be close to retirement age and have little English or work experience meaning their future needs require closer consideration. Other clients may be earning huge salaries, be highly skilled with great career prospects and whose future needs require lesser analysis.
An overall view of what is fair and equitable
The Judge then assesses all of the above however no single one is more important than the other with each case assessed in an overall context.
You now probably agree with us that dividing assets in divorce settlement can be a very complicated process requiring specialist skill and knowledge, with no guarantee of a 50/50 result.
Do you need a lawyer to help you with divorce settlements or provide you with independent legal advice? We are available after hours and provide home visits to fit around your busy schedule.
Last updated on April 9th, 2019 – Written by Jeremy Maspero.
Jeremy Maspero is a family law lawyer with a diverse range of experience and skills. With the experience you need and results you want, contact Jeremy today for a consultation to understand how he can help you on 02 8052 3322 or firstname.lastname@example.org.
Disclaimer: The legal content on this website is produced by lawyers at Maspero Legal. It is offered for general interest only and should not be construed as specific legal advice as every situation is different. People seeking legal advice relevant to their particular situation are encouraged to contact a lawyer from Maspero Legal.