When two people are in a de facto relationship or marriage in Australia, it is possible that at the conclusion of the relationship, the parties will have obligations in relation to a property settlement. There are two options available to determine what each party’s entitlements and obligations are.
In short relationships, each party generally ‘takes out what they bring in’ to the relationship.
In long relationships, generally all the assets and liabilities of the relationship are considered as part of the total ‘property pool’. The starting point is that each party gets 50/50 of the pool, however in the event that one party has made significant contributions or has needs of any kind, they are going to receive a ‘weighting’.
Five years is the approximate line dividing between short and long relationships. Note that this period of time is not fixed – it is only an approximate guideline.
Section 75(2) of the Family Law Act 1975 lists the different factors that should be taken into account when determining what each party’s needs are.
Please do not take this to be legal advice. It is our strong recommendation that you contact a solicitor to obtain specific advice in relation to your needs.
To arrange an obligation free and free 30-minute consultation, please contact our office on:
(03) 9005 8284
Find us on social media and stay up to date: