One of the questions most commonly asked to our Family Lawyers is "Who gets what in a divorce?" But, dividing assets and deciding whether to sell them can make the post-separation period challenging. Particularly, when one party has a different opinion on what they want to do with an asset. To help you through the process, follow the helpful guide of our Family Law team, below.

How do we divide assets?

There is no ‘one size fits all’ approach to dividing assets after separation, and deciding who gets what in a divorce. However, we highly recommend seeking legal advice before agreeing to anything.

After separation if you and your former spouse are able to agree upon how any financial resources or liabilities are to be split then an agreement can be formalised through consent orders. However, if you are unable to come to an agreement, the Court is able to assist.

What will the courts consider?

When assisting with the division of a property pool, the Court considers the contributions each party made to the property pool and relationship. These contributions do not need to be financial in nature and can include any domestic or caregiving contributed. Other factors that the Court considers include: Firstly, the length of the relationship;Secondly, any assets owned before the relationship;Thirdly, income of the parties and any savings;Fourthly, any possible gifts or bequeathments;Fifthly, future earning potential of the parties; andFinally, any future care and financial support of children.

What happens if we both want an asset?

Should both parties want to retain an asset, for example the matrimonial property, and they cannot agree, the Court can make Orders relating to the property split. However, should one party wish the keep the matrimonial property but is unable to financially, then you may petition the Court. They may force the sale of the house as part of the property settlement.  During this process, the house will be valued by a third-party. A timeframe will be provided for which it is to be sold by. And the reserve for which the house is to be sold for. Accordingly, the Court will likely make an Order for the sale of the house in circumstances in which there is no other way for a just and equitable settlement to occur.  New South Lawyers’ communications are intended to provide commentary and general information and not relied upon as legal advice. Seek formal legal advice in particular transactions or on matters of interest arising from this communication.

To find out more, chat with a member of New South Lawyers' Family Law Team today.