How property settlement works & finding divorce lawyers in Maryborough
Because of the potential long-term financial impact of divorce, property settlement is an issue many couples are anxious about when they separate. It’s essential for property to be divided equitably, but that doesn’t necessarily mean 50/50. The process for deciding who receives what in a separation involves four basic steps:
- The couple’s financial resources and assets are identified and valued.
- Financial and non-financial contributions are considered (such as that of a homemaker).
- Both parties’ future needs are considered.
- The Court determines whether the first three steps have resulted in a just and equitable outcome.
What are future needs?
The third step in the process – the one in which we assess the couples’ future needs involves consideration of factors such as each party’s age and health, whether either of them is responsible for the care of a child, their physical and mental employment and earning potential.
Although it may seem on the surface that a 50/50 split of property is the obvious solution, these future needs factors can affect what the Court deems truly just and equitable. For example, if one party has a lower income but also a higher cost of living – say, because they are caring for a child – this party may receive more than half of the couple’s property. Keep in mind, that a reliable earning capacity is one of the most valuable things a person can retain after a divorce.
It can be difficult to predict future needs, but the Court and your divorce lawyers in Maryborough will do the best they can with the information they have. There may be unforeseen events later, such as loss of employment, changes in the care of a child, or re-partnering with someone who has considerable financial means. These unpredictable circumstances may suggest that one party was disadvantaged during the property settlement, but by that time it will probably be too late to rectify the issue.
Legal advice on property settlement in Maryborough
Considering these factors, the smartest move a person can make to protect their financial future is to retain the services of a family law solicitor and divorce laywer in Maryborough. A family lawyer can provide the legal advice you need about your entitlements and ensure that income disparity and other relevant factors are reflected in the property division at the time of separation. If these factors are not considered at the time of separation, the real financial impact of divorce becomes apparent – sometimes years later – and it may be too late to make changes.
The divorce lawyers at JS Law have the experience and knowledge required to help you obtain a fair property settlement and resolve any other issues of your divorce. We are available to appear in Court in Melbourne and Regional Victoria for family law, criminal, and family violence matters. As a small boutique firm, we make it our priority to provide personalised service with an emphasis on quality.
Please visit us or contact us to book an appointment.