Legal Settlement of Property after Divorce under Australian Law
During marriage, spouses usually share a common pool of assets and resources that is collectively known as ‘property’. Family Lawyers will explain that the process of divorce has far-reaching financial implications for both partners. If one or both partners own property individually, jointly or along with others, either party is entitled to request a property settlement from the other. The objective of the Australian property settlement law is to ensure fair distribution of property after separation and divorce.
In fact, property settlement laws not only govern marriage but also de facto relationships, i.e., couples who live together on a domestic basis. In Australia, the Family Law Act of 1975 determines property settlement after divorce or separation. Property, in general, may include assets and resources that are owned or controlled by either one of the partners. Thus, property may include: