Property settlement outcomes depend on many factors, including:

• The property pool available for distribution;
• Financial and non-financial contributions;
• Homemaker and Parenting Contributions;
• The future needs of the parties, taking into account, health, age, care of any children, responsibility to maintain other dependents;
• The duration of the relationship;
• The financial contributions of the parties at commencement of the relationship;
• The income earning capacity of the parties;
• What is just and equitable in the subjective circumstances of the parties.

There is no 50:50 rule.

There is no hard and fast rule to determine who gets what assets. This is determined, based on the needs and desires of the individual parties. For example, one party may want to keep particular item/s of property for sentimental, necessity or other reasons. If the other party does not dispute that person keeping the particular item then generally that person will retain that item and adjustments are made using the other assets, by cash payment or by splitting of the superannuation of the parties so that the desired settlement is obtained.

Upon property settlement, normally the asset pool (made up of all the assets and liabilities of the parties as at the date of settlement) will be broken down and given a total dollar value. This dollar value represents 100% of the assets for division and the values used are, as a general rule, the most current values available at the time of settlement. The parties then work out who gets what from the pool and the portion of the pool that each party receives is normally referred to in percentage terms, eg 55% to one party and 45% to the other party. For both married and de facto couples we recommend you formalize any agreement made about the division of property after a relationship breakdown. The means of formalising the agreement differ. We can advise you about the best way to formalise your property settlement agreement and assist you to prepare the necessary documents.

For both married and de facto couples it is possible to commence court proceedings in the relevant courts. We can advise you about which court is most appropriate to determine your dispute. We can also advise you about alternative methods of resolving your dispute without the intervention of the courts. Want to know more?

See our factsheets on:

• Property Settlement
• Discovery and Inspection
• Injunction for sole occupation of a home