After a divorce or separation, figuring out the division of property can often be the most trying part of the entire process. Because both parties believe they are entitled to a certain amount of what was owned, it’s always a good idea to seek the help of a family lawyer in Brisbane to assist you in not only determining what your share should be, but also what you can expect to get if the situation ever makes its way to the courts.
The Four Step Process
The Simonidis Steel law firm is well versed in family law in Brisbane and how the courts determine the value of property as well as how to divide it among parties. Typically speaking, this process utilises four separate steps that work to provide a fair division of property for both parties involved.
- First, the court determines the value of all of the assets that are at stake as of the date of the hearing. Typically, only major items are considered in this process, as things like collectible coffee mugs and novelty items are generally not worth determining the value of.
- Next, it determines how much each party was contributing to the asset pool. That is, they determine the wages and purchasing power of both parties to see how much each person is entitled to in terms of the assets.
- The following step is the vaguest and is usually the reason people seek the help of a law firm to help them better construct their argument. The court considers any other information the parties can bring forth to see how much each is entitled to. (For Example: If one party needs a car to get to work each day, while the other party can easily take public transportation to their job, the court would generally award the car to the person who needs it more than the other.)
- Finally, the division of property occurs. The court decides what it believes to be a “fair and equitable” division of all of the property both parties own. This division can be appealed, but many times it’s easier to simply acknowledge the judgement of the court and move on, as appeals can sometimes take months to complete.
Simonidis Steel has a large and qualified team of accountants and tax attorneys who can run mock scenarios for you to see how much you’d be able to get from a property division in an actual courtroom. These rough sketches help provide more informative legal advice and better legal counsel to those needing assistance in a divorce or separation.