Ultimately, the property you and your former spouse or de facto partner own, or have an interest in, needs to be divided in a way that is fair to you both.
A common misconception is that the Family Court will make a 50/50 split, with both parties entitled to half of the property. This is not the case. Instead, the Courts have developed a fairly rigorous method to work out how to divide the property at the end of a relationship, based on the laws set out in the Family Law Act 1975. The method involves working out what we call contributions and future needs factors. The Court also considers the length of your relationship and if either party has diminished the property pool as a consequence of their choices and behaviour.
Another misconception is that the property to be divided is the property owned at the date of separation. This is untrue. It is the property owned at the time the property settlement agreement is formalised.
Talking with one of our Gold Coast family lawyers who has expertise in Family Law property settlements can help you protect your interests when it comes to dividing property.
Contact our family law team for a free 45 minute no obligation consultation to discuss your family law property settlement matter. At Hickey Lawyers you will have the benefit of our vast Family Law and commercial experience as well as access to our network of accountants and financial advisors to assist you in achieving the best possible result.