A financial settlement means the division of a married couple's financial resources on separation.
The Family Law Act 1975 sets down the applicable law in relation to the division of property or liabilities (debts) of people who have been married.However, if you have never been married, the appropriate laws which govern your financial situation are the laws of the State where you live.
The meaning of property
Property can include your home, any other real estate, funds in banks,building societies, credit unions of other financial institutions, investments,life insurance policies, an interest in a business, household contents, any other personal property and Superannuation.
'Property' means the property to which a party to a marriage is entitled whether in 'possession' (which means entitled to it now) or 'reversion' (which means entitled to it at some later time).
IMPORTANT: It makes no difference in whose name property is held. Property held by either party to a marriage comes within the definition of matrimonial property and will be taken into account by the Court. It may be relevant however whether the property is question was acquired before during or after the period of the marriage.
The importance of reaching agreement where possible
Parties are encouraged to reach agreement as to how divide their property and liabilities (if any) wherever possible. You will avoid costly legal bills and have some certainty about the outcome of your negotiations. This is a very complicated area of law and each case is different. It is difficult to predict with any degree of certainty the exact outcome of any application you may make.The Court is obliged to consider a number of factors in reaching a decision and can exercise a considerable amount of discretion in reaching a decision. You are likely to face a period of uncertainty whilst waiting for the decision of the Court. If you are unable to reach an agreement, the Court will be able to refer you to professional agencies who will be able to assist you in negotiating an agreement. If you are able to reach an agreement, it is possible to formalise that agreement and make it binding by applying to the Court for a Consent Order.The Court will need to be satisfied that the order is properly drafted and that the terms are 'just and equitable'.
The Property Settlement Calculator Kit consists of two parts:
The written Document which is either sent by post or email and includes background material and 4 detailed case studies, and
Access to the online Property Settlement Calculator.
The aim of the Property Settlement Calculator is to assist you in estimating what a fair and equitable division of property would be in the event that your marriage has irretrievably broken down. It can help you negotiate your property settlement and make educated decisions.
The assumptions we have used in the Calculator were formulated after considerable investigation of actual case history and rulings by the Family Court of Australia. We have also used 3rd party statistical studies and surveys of actual cases that have been through the Court.
There are no fixed rules employed by Family Court Judges in reaching a decision regarding property settlements. Judgements seem to be based on a combination of common sense and the experience of the Judge, and are wholly dependent on the specific facts that surround each individual case.
While AussieLegal has taken every care in formulating the assumptions on which the Calculator is based, the results produced by the Calculator are in no way a guarantee of the outcome of your case.
How to access the Property Settlement Calculator
If you purchase either the Family Law Kit (which automatically includes access to the Property Settlement Calculator) of the Property Settlement Calculator Kit, you will receive, a Tax Invoice which contains a Bank Reference Number.
You will need this Bank Reference Number to get access to the Calculator which is only accessible through our website at http://www.aussielegal.com.au.
To access the Calculator please follow these steps:
Visit the http://www.aussielegal.com.au website.
Click on the Legal Kits button in the top navigation bar.
Select Property Settlement Calculator from the list by clicking on it.
Click on the Calculator button at the bottom of the page.
Input the Bank Reference Number in the box provided.
After clicking on the 'Verify Access Code' button, you will be taken to the Calculator.
Call AussieLegal on 1300 728 200 if you have difficulties.
Information required by the Calculator
In order to estimate the percentage division of assets for your property settlement, and the corresponding $ value, you will need to input a series of values for a range of assets and liabilities both at the time you were married and also their values now. The more accurate these values are the more accurate the estimation will be.
As the number, age and residence of children can significantly influence the division of assets, you will also be asked for some basic personal information regarding your arrangements both during your marriage and after your separation.
To assist you in understanding how the Court looks at property settlements,we have formulated a number of case studies in Section 3. Please read these Case Studies before you use the Calculator as they will assist you relating your particular situation in respect of the financial information required to be input in the Calculator.
De Facto Law
The Property Settlement Calculator applies to couples that have been married,and are therefore subject to the Family Law Act. If you have never been married,then your arrangements and your property settlement will be subject to specific State based De Facto legislation.
The Property Settlement Calculator may not be used in these circumstances as the estimation of the division of assets will require different assumptions.