Property Division – The Basics
Whether you were party to a valid marriage or a de facto relationship, you are entitled to property division. While the courts maintain broad discretion with regard to property division, they strictly adhere to the following four-step process to determine who gets what.
- Identify/value the property – includes all assets and liabilities
- Consider contributions of the parties – includes financial and non-financial contributions
- Consider relevant factors – including but not limited to age, health, income, an standard of living of the parties
- Ensure order is just and equitable – the order must be fair
Generally, the courts will look to split the net asset pool of the parties equally, unless while applying steps one through four it is apparent that an unequal split of the assets would be just and equitable.
The goal of property division is to both to allow parties to finalise their economic relationship, and also to recognise contributions to property. However, while the goal is to allow the parties to reach economic independence, a valid property order may in fact be varied under certain circumstances.