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Are All Family Law Property Settlements Split 50/50?

In the situation of a family breakdown, how to share the assets and liabilities of the family is often a question that people want to answer as soon as possible after separation. How those assets and liabilities should be shared is understandably an important question. Sometimes we find there is an assumption that the assets […]

Are All Family Law Property Settlements Split 50/50?

Are All Family Law Property Settlements Split 50/50?

By aylwardgame - Aug 11, 2021 Property Law

In the situation of a family breakdown, how to share the assets and liabilities of the family is often a question that people want to answer as soon as possible after separation. How those assets and liabilities should be shared is understandably an important question.

Sometimes we find there is an assumption that the assets and liabilities will simply be shared equally – but in fact, that is not automatically the case. The Family Law Act sets out a wide variety of different factors that the Court will consider and take into account when deciding how the assets and liabilities will be divided. 

One thing the Court will usually not take into account is the behaviour of each of the parties. Considerations such as the length of the relationship, financial and non-financial contributions to the relationship, earnings, and earning capacity are just some of the factors the Court will take into account. 

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In addition of course, if there are children, who the children will live with and how much time they spend with the other parent will also be an important issue to take into account. So a 50/50 division might be the outcome – but it may not be.

Dealing with the financial consequences of a family breakdown can be complicated and stressful. The guidance of an experienced family law team, who have the experience of dealing with the issues, a focus on finding a negotiated solution if possible, but the determination to present the best case at a trial if it cannot be avoided, is fundamentally important.

Call the Family Law team at Aylward Game Solicitors on 1800 217 217 for advice on any aspect of family law.

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