Dividing Property

Dividing property is a separate area of law from the laws governing children and divorce. One of the first principles to understand in dividing matrimonial property (or defacto property for that matter) is that both parties to the relationship must make full disclosure of their financial interests, whether pre or post separation.

Once this is done, Maddens Lawyers will help you to arrive at an estimate of the overall value of the matrimonial asset pool. This involves valuing real estate, superannuation, shareholdings, business interests, motor vehicles and so on. Not every asset requires a formal valuation. Often the parties can agree on values by reference to market rates and an appropriate ratio by which to divide it. It's not so important at this stage to look at which property is held in which party's name. We're looking at the overall value of the property pool.

Next, we assist you in working out a fair and equitable split of the total figure. This is done by looking at the assets (and liabilities) each party brought to the union, and the ways in which they contributed financially and non-financially during the relationship (including domestic work like child care and gardening). Lastly, the division is adjusted to reflect needs of the parties going into the future. So if both parties bought the matrimonial home together, are working full time in comparable jobs and there are no children, a 50/50 split might be fair. Or one party might be a well paid executive whilst the other is a full time parent of three children, in which case 30/70 might be appropriate.

Once an asset pool and a suitable split are settled (either by negotiation or by a court), we then look at ways to put the division in place. This may involve "super splitting", refinancing, or simply leaving a variety of assets in the hands they're already in. The emphasis is on coming up with practical solutions.

 

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