How Property is Divided

You can divide property as soon as you like after you separate, but this requires agreement by both parties. The law sets out a number of factors that the Court must take into account when dividing property. Broadly speaking, these factors can be divided into two categories – contributions and future needs.

The Court generally weighs up contributions and future needs, and adjusts the division accordingly to ensure it is “just and equitable” or fair.

Contributions Of Both Parties

This includes financial and non-financial contributions of each party to the relationship.

Financial contributions include such things as wages and the paying of household bills, inheritances, gifts of a financial nature and any other source of financial contributions.

Non-financial contributions includes performing household duties, parenting duties and assisting with home renovations. The contributions may be direct or indirect and are of a benefit to the parties’ lifestyle.

There can also be contributions to the welfare of the family, such as staying at home to look after children or the household.

Future Needs Of Both Parties

This includes such factors as the age and health of the parties, their educational qualifications, future work prospects and their need to care for any dependent children.