The Family Law Act 1975 (Cth) governs the division of property of a separating couple, whether they were married or in a de facto relationship. All references in this section are to this Act unless otherwise stated.
The purpose of a property settlement is to bring to an end the financial relationship between the parties [see s 81 for married relationships and s 90ST for de facto relationships]. A property settlement should therefore cover all of the property (both assets and liabilities) between the parties and should take into account the whole financial situation of each.
The Court has the power to make property settlement orders which alter the interests of each of the parties to the property between them [see s 79 for married relationships and s 90SM for de facto relationships]. However, before making any orders, whether by consent between the parties or following a trial, there are 4 main steps that the Court will follow:
Step One
Identify and value the property (assets and liabilities) between the parties
Step Two
Consider the contributions of each of the parties to the property pool and the welfare of the family
Step Three
Consider the current and future needs of each of the parties
Step Four
Consider whether the proposed property settlement is just and equitable
For information about how to work towards an agreement, with these steps in mind, see Coming to an agreement.
See also the publication by Relationships Australia A fair share: Negotiating your property settlement.
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