You have made the decision to separate, you will need to start thinking about who takes what.
Property division in separation does not just mean just real estate, it refers to all the assets of the relationship. When deciding how to divide the assets these are the points the courts will consider;
- Working out what you’ve got and what you owe, that is your assets and debts and what they are worth
- looking at the direct financial contributions by each party to the marriage or de facto relationship such as wage and salary earnings
- looking at indirect financial contributions by each party such as gifts and inheritances from families
- looking at the non-financial contributions to the marriage or de facto relationship such as caring for children and homemaking, and
- future requirements – a court will take into account things like age, health, financial resources, care of children and ability to earn.
The way your assets and debts will be shared between you will depend on the individual circumstances of your family. Your settlement will probably be different from others you may have heard about.
CQ Legal can help you reach a fair property division with your former partner, taking all your contributions into account, contact our team today.
07 4921 1788