The division of property is much more complex than splitting everything you own 50/50. It’s not about an equal outcome, but a fair one.
Each person will find themselves in different circumstances after a separation and this will affect what is considered to be a fair outcome.
It is a VERY complex process and there are many factors that come into play. We look at four of them below.
Property division factor 1: age of parties
A significant age difference between you and your ex, can affect the property division.
For instance, if one of you is older and nearing retirement, that party might get more because they may not be able to work for much longer. That being said, they are likely to gain access to their superannuation sooner, which can influence how some of the other assets are divided up.
Property division factor 2: care of children
If you’re the primary caregiver for your children, you might get a bigger share of the property settlement so you can provide a stable home for them.
The exact amount will depend on things like, how many children you have, their ages, any special needs they might have, and how taking care of them affects your ability to earn an income.
Property division factor 3: income potential
To balance things out financially, the party with the higher income potential would be given a smaller share, because they have the ability to earn enough on their own.
Property division factor 4: financial contributions
This takes into consideration what each person brought into the relationship and contributed during it. Here’s a simple breakdown of the four types of contributions:
- Direct financial contributions: Money you both earned during the relationship.
- Indirect financial contributions: Financial assistance from your families, like gifts or loans, or living in a family-owned property at a reduced rent.
- Direct non-financial contributions: Non-monetary efforts like homemaking or taking care of the children.
- Indirect non-financial contributions: Help from either of your parents in looking after the children or maintaining the home you’ve lived in.
Other things to note would be initial contributions can lead to an adjustment in cases where there is a significant discrepancy between initial contributions, or the relationship was short.
Also, significant contributions like inheritances, redundancy payouts, or compensation received during the relationship can affect how property is divided. If either of you received a large inheritance, for example, it might be considered when dividing assets.
You need a team of expert lawyers for the equitable division of property
Dividing property after a separation is complex, but understanding these factors can help you feel more in control. Remember, it’s not just about who gets what; it’s about ensuring fairness and stability for everyone involved once the dust has settled.
Contact us to get the support you need for a fair property division.
DISCLAIMER – The information provided in this blog is general and does not consider your individual legal needs or objectives. It does not constitute personal advice and is for informational purposes only. We recommend seeking out professional and independent legal advice from a qualified Australian lawyer to advise on your individual situation before acting on any information contained below. Lander Solicitors Queensland accepts no express or implied liability for negligence or contractually for reliance on any information provided. Liability limited by a scheme approved under Professional Standards Legislation.