Divide and Conquer Part 2: What are s75(2) Considerations in a Family Law Property Settlement?

Written by James Frank | 10/04/16 10:52 PM

In a family law property settlement, parties need to agree on a division of assets that is just and equitable. But how do you know what would be just and equitable in the eyes of the law? What factors do you need to consider? Do you spilt everything down the middle? What about children – how do they change the equation?

All these questions are addressed by the Family Law Act 1975. In this Act, there are several sections that state what things you should consider when deciding how your property will be divided. Generally, parties need to consider the contributions (see Divide and Conquer Part 1 here) they made to the relationship and their future needs coming out of the relationship. These factors help parties to reach a decision which is just and equitable.

Section 75(2) factors address the future needs of the parties to the matter. Factors which may be considered to establish future needs include the following:

age,
health,
income,
property,
financial resources,
physical and mental capacity for employment,
care or control of a child of the marriage,
commitments to supporting themselves or a child or another person,
eligibility for Government benefits and payments,
allowances or benefits under any superannuation fund or scheme,
standard of living ,
education and training to the extent to which a party is paying for the increase of earning,
capacity of the other party,
effect on creditors to recover the creditor's debt ,
duration of the marriage and the impact on earning capacity,
need to protect a party who wishes to continue that party's role as a parent,
cohabitation with a third party,
bankruptcy,
child support provided, or might be liable to provide in the future, for a child of the marriage,
any other factors or circumstances, and
any prior agreements in place.

As you can see, there are a lot of factors which are considered when determining future needs. Keep an eye out for future blog posts which address some of these factors in greater detail. Alternatively, access our resources below or contact us on 9688 6023 to find out how these factors my impact your specific case.

Download our Family Law Property Settlement Infosheet