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Word Count: 1,634
Upon the dissolution of marriage property has to be taken into consideration of who gets what This is called property settlement The property includes all property of the partnership no matter whose name it is in The term property includes houses units and land but that is not all furniture cars boats shares and even superannuation can be divided up amongst the two parties The scheme of the family law act is to encourage agreement in property settlement this is where counselling and mediation can help Once an agreement is reached it can be formalised in consent orders or financial agreements In the existence of no agreement being reached then an application to the family court can be made and then the property will be settled in court The court will take in some factors before deciding on the allocation of property These include the contributions that each person has made to the marriage They could be previously owned property or shares money made during the marriage gifts or inheritances If one party does not work then consideration will be made for homemaking and parenting In todays society there is a large sway toward the parenting and homemaking because you simply cant put a price on it Once the court has looked at past contributions they will look at future needs These are determined by the partys potential earning power health children or their superannuation Because of the present system under the Family Law Act 1975 Commonwealth the no fault component of the law covers the party who filed for divorce against unbalanced property distribution The only other key factor that would differ the courts decision is a pre-nuptial agreement and in that case the agreement would come out first and then followed by the allocation of property However in the case of a de facto relationship the property settlement is slightly different Instead of entering into a pre-nuptial agreement de facto
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