Australia’s Family Law Act provides guidelines for dividing property after a divorce. This law focuses on fairness in property division and ensures that both parties share a reasonable proportion of property. However, the Family Law Act also requires the Courts to consider both parties’ contributions to the property and their future needs.
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Inheritance is another issue that can cause conflict in dividing a marriage’s assets. If one spouse received an inheritance from a parent or family member, they may want to split it with their former partner. However, the inheritance may not be a fair division of assets under Australian divorce law.
The length of marriage also affects the share of assets a spouse receives in an Australian divorce. A spouse who stayed home to raise their children for more than five years will receive a larger share of the total asset pool. Furthermore, a spouse who supported the other spouse’s education and employment during the marriage is entitled to a higher percentage of the asset pool. Check this website
The parties must file their property settlement application within twelve months after the divorce. They can also apply for a property settlement before the divorce. Whether you file for a property settlement before or after the divorce can make a difference in the outcome of your property settlement.