In determining an appropriate property settlement, the law is well settled and set out in the case Hickey & Hickey and the Attorney-General for the Commonwealth (Intervener) (2003) FLC 93-143.
Essentially, it involves a four step process as follows:
- Identify the asset pool available for distribution between the parties;
- Assess the respective contributions by each of the parties to the property available for distribution including contributions made by way of direct or indirect financial contribution, non-financial contribution, and as a homemaker and a parent;
- Identify any of the factors prescribed at Section 75(2) of the Family Law Act 1975 which are applicable to the parties and determine whether there should be an adjustment to either party;
- Assess whether the outcome achieved after a consideration of the above results in a settlement which is fair and equitable in all of the circumstances of the matter.
If you need advice from a Family Law perspective on Property Settlement, then call us at Perth Family Lawyers today.