Assets that are acquired by one party after the date of separation can also form part of the asset pool that is to be split between the parties.  

This is why it is important for you to finalise a property settlement as quickly as possible after final separation to prevent post separation assets forming part of the pool of assets to be divided between the parties.  

TL;DR: Yes, assets acquired post-separation may still be included in the property pool unless a formal settlement has been finalised. This is a summary only and not legal advice. See full answer above or speak to a divorce lawyer from Lawpoint today for advice tailored to your situation. 

There are various steps in working out how the property of the marriage will be divided after separation.  

1. The value of the assets needs to be determined. Sometimes this can be done by agreement and other times a valuation might be required. 
2. The court will look at the contributions of each of the parties to the marriage. Contributions that are financial and non-financial are both relevant. So, for example, if one party worked whilst the other party was a homemaker and cared for the children full time, each of those contributions are relevant. The court does not consider financial contributions any more or less important than homemaking and parenting contributions.
3. Contributions can also include contributions to specific assets such as your home and may include financial contributions from income or savings to pay the mortgage or the deposit to buy the home, or non-financial contributions such as using your labour and time to undertake repairs, renovations or cleaning and maintaining the property.
4. We need to look at factors which will impact on each party in the future. The most important of these are the earning capacity of each of the parties into the future and which of the parties has the greater share of responsibility for the care of the children. Naturally, where the children live with one party for long periods and they are young, this will impact upon that parent’s capacity to obtain full time employment.
5. The court considers whether the outcome is “just and equitable” in all of the circumstances. 

The court’s powers to make property orders are discretionary. This means that although there is an established framework within which the court must work, ultimately there is no strict formula for calculating the property that each party gets. Each case will be assessed on its own facts. 

TL;DR: The court looks at contributions, future needs, and fairness in each unique situation. This is a summary only and not legal advice. See full answer above or speak to Lawpoint’s property settlement lawyers for guidance tailored to your situation. 

Contributions, such as home making, that are non-financial are relevant. So, for example, if one party worked whilst the other party was a homemaker and cared for the children full time, each of those contributions are relevant. The court does not consider financial contributions any more or less important than homemaking and parenting contributions. 

TL;DR: Yes. Homemaking and parenting are considered as non-financial and relevant contributions when dividing property. This is a summary only and not legal advice. See full answer above or speak to a divorce lawyer from Lawpoint for advice tailored to your situation. 

There are no adverse consequences to a party because they moved out of the family home.  

Often, people wrongly believe that if they move out, they are giving up their right to the home or the court will give them less of a share in the value of the home because they moved out. Not only is this incorrect but this belief often results in escalating tension and conflict within the home, which can have a very negative emotional impact on each of the parties and in particular on children. 

TL;DR: No, moving out doesn’t affect your legal entitlement to a share in the property. This is a summary only and not legal advice. See full answer above or speak to a divorce lawyer from Lawpoint for advice tailored to your situation.

After separation, these steps can you help you protect your finances and prepare for a fair settlement: 

• Try and agree on who will vacate the family home and be practical when deciding whether you are able to live separately under one roof.  

• Consider how you and your spouse will support yourself following separation.  

• If either party was reliant upon the other’s income, try and reach agreement on one party assisting the other financially until such time as the property settlement is finalised.  

• Try and reach an agreement on who will continue to pay the mortgage and/or other joint marital bills and expenses until a property agreement is reached.  

• Try and reach an agreement on the value of the assets that each of you will retain and who will be responsible for the joint or sole liabilities accrued during the marriage.  

• Try and agree on the distribution of the furniture and personal items in the family home.  

• Tell your bank and other lenders that you have separated and try and negotiate reduced payment of your liabilities in the short term so as to try and prevent a default occurring on any of your loans due to a lack of access to funds.  

• Consider converting any bank account or mortgage redraw account from ‘either to sign’ to ‘both to sign’ to prevent your spouse from making any unauthorised large withdrawals from those accounts.  

• Consider whether your wages or other income will continue to be paid into a joint account or whether you should have those funds paid into an account in your sole name to avoid your spouse making unauthorised use of those funds.  

• Contact a lawyer to seek legal advice which is tailored to your personal circumstances, which may include taking urgent action seeking spousal maintenance or orders to prevent your spouse disposing of property. 

TL;DR: Start with short-term agreements, secure your finances, and aim to resolve matters without conflict. Then seek legal advice. This is a summary only and not legal advice. See full answer above or speak to one of Lawpoint’s property settlement lawyers for guidance tailored to your situation.