The whole process of divorce is a complex, time-consuming and emotionally and physically draining process. It is not just the separation of two people. It is the division of every tangible i.e. child (if any) and intangible element i.e. assets or property between them.
If you are going through this rough journey, then it’s a piece of useful knowledge to know how family lawyers in Brisbane divide the assets in divorce cases.
Asset Division
It is good to know that assets in a divorce case are not spilt up in a ratio of 1:1. You don’t get or need to give exactly half of it. Many factors form the basis of this division. These are starting assets, current and past incomes and the health and age of individuals involved.
Engaging an expert family lawyer for your case can also greatly influence the outcome of your asset division. Their knowledge and experience gained after years of practice can ensure a just and equitable division of assets and properties among the two parties.
Asset definition
Before diving deep into the subject we need to understand which components make an asset. When the process of divorce starts and reaches the point of asset division, both parties are required to exchange financial papers of all the assets they own for evaluation. They can include assets held in partnership, trust or companies and properties under the process of conveyancing in Brisbane. Assets, gifts and inheritances brought in marriage are also not excluded. Though, another party can be persuaded to exclude them completely.
Process of Asset Division
Once a final asset pool is established, along with liabilities and superannuation interest from both parties, the next step is to measure the contribution made by both parties in the asset formation.
Both financial contributions and non-financial contributions like parenting, being a homemaker or home renovator are considered. Indirect contributions like contributions made by either party’s family members too are a part of the measuring process. Though, it’s still not the final calculation to decide who gets what.
Once measuring is done, future financial circumstances are taken into account. The jury tries to establish which party is financially more stable than the other, who can take the responsibility of kids( if applicable), which party had a detrimental impact on their financial front from this relationship and other factors like that which help them do financial justice to each party.
Conclusion
If an expert family lawyer in Brisbane is hired who can accurately interpret the Family Law Act, one can smoothly settle the whole case of separation along with asset division without having to go to court.
Wired General 