What assets am I entitled to after separation?

There is no mathematical formula to calculate what percentage of assets you should keep. However, there is a clear 4-step process we follow to work this out. After doing a broad preliminary assessment to figure out if there should be a change in assets at all, we look at:

 

Step 1 – what ASSETS both parties own – including superannuation. With some minor exceptions, this includes assets owned in joint names, separate names, assets owned before the relationship and assets owned by a family business or family trust.

Step 2 – what CONTRIBUTIONS each party has made to the relationship. This includes financial contributions like incomes, inheritances, gifts and redundancies, as well as non-financial contributions, like who has been the main homemaker and parent and helped maintain or improve an asset’s value.

Step 3 – what are the FUTURE NEEDS for both parties.  Here, we look at things like your age, health, income capacity and ongoing care of any children.

Step 4 – what else is relevant to ensure the outcome is JUST AND EQUITABLE. Often, the length of the relationship is relevant to the final settlement.

 

After assessing all this, we come to a percentage range of what each party should keep. Once each party keeps particular assets, there might be a cash payment from one person to the other, to match the dollar values to the right percentage.