Debunking Common Misconceptions About Property Settlement After a Divorce
Nobody goes into their marriage planning for its demise. Thus, it is not surprising that many couples that are going through separation and divorce tend to be confused as to what to expect when it comes to a multitude of matters, more so in regards to the property shared during their union. Typically, what you may believe about the process could be tainted by what you have watched on American television, which is likely not applicable by Australian law. To help you have an idea of what to expect, this piece seeks to debunk common misconceptions about property settlement after a divorce.
Myth 1: All property will be divided in half
Arguably, the most common presumption that couples make when they are going through a divorce is that all the property they own will be equally split down the middle, but this is not entirely true. Granted, the court will first assess the assets in terms of how they can be divided equitably. However, various factors can come into play that would result in each party getting a different amount from the whole. For instance, each individual's contribution to the acquisition of the property will be taken into account before the court can determine how best it should be divided. Secondly, the court will take into consideration the future needs of the spouses to establish what would be a fair share for each party. For example, if one party will have full custody of underage children, this individual would have more responsibilities when it comes to the care of the kids so they could get a larger share during the property settlement. A family lawyer is best placed to advise you on what circumstances would influence the court's decision so that you can manage your expectations.
Myth 2: Having an affair reduces your share in the settlement
The second myth that some people believe when it comes to property settlement during a divorce is that the spouse that cheated, if infidelity was involved, will have less of a claim on the property in question. But this is incorrect. What you need to know about Australia is that the court does not need to know why you no longer want to be married. Instead, the couple only needs to show that the marriage is irretrievably broken and that you have been separated for the specified duration of time. Matters such as adultery have little to no bearing on how property should be divided. Unless your family lawyer can prove that this information is critical due to the unusual nature of your circumstances, the court does not require one party to be at fault for the divorce to be granted, and, as such, this will not influence the property settlement.
Talk to a family lawyer for more information.