26/05/2025
In cases of divorce in Australia there are a few factors that contribute to how the assets between two people are divided. Whilst we have a separate Family Court in Western Australia to the rest of Australia, the impact of the laws in relation to the division of assets following separation are the same.
The first factor is if there is a Binding Financial Agreement in place. This is essentially an agreement between the couple pre or often post marriage that outlines and stipulates the terms of how assets are to be divided between a couple. If you have decided to create this agreement, the court cannot overrule the terms unless there are exceptional circumstances. You must have a solicitor involved to complete this agreement.
If there is not a binding financial agreement in place and you seek Legal advice chances are the process will look a bit like this;
Your lawyer will evaluate the assets, liabilities and financial resources of the couple. You will be asked to provide all of these. It is important to always include as much as you can to get an accurate idea of what you could be looking at when it comes to the final separation.
Next, your lawyer will analyse the contribution of both parties. This essentially means that financial and non-financial contributions will be evaluated. Non-financial contributions include that of housekeeping, looking after children etc…
Your future needs will then be assessed. Factors such as age, health, earning capacity and the care and support of children will be looked at and considered.
Finally, there will be an assessment as to whether overall the agreement is considered just and equitable.
Assets between partners often include properties, cars and other vehicles, jewellery and collectables, savings, household items, shares etc. Liabilities include things such as loans and the home mortgage.
After engaging with a lawyer, if you can reach an agreement with your former spouse, you will be able to draft something called ‘consent orders’ you can read more information about these here – What Are Consent Orders, and Do I Need Them? – Joss Legal.
In some situations, mediation may be required to help parties reach an agreement.
If you cannot reach an agreement, the above considerations will be considered by the Court.
Essentially the court will take into consideration all of the above, view the consent orders and then order how the assets will be divided. It is important to have a great lawyer on your side during the whole process to ensure that you get what you need, luckily that’s something that we can help with!
