What Is the Basis of Division of Property during Divorce?

What Is the Basis of Division of Property during Divorce?

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Matters related to property assumes paramount importance when a divorce case is filed. Unless there is already a pre-existing pre-nuptial agreement, conflict regarding property distribution can assume a very nasty character where the role of a Brisbane divorce lawyer becomes highly significant.

It is wrong to assume that the entire property is subjected to distribution equally among both of the parties, which is not true. There is a strict guideline established by the court of law determining which property can be divided.

The list of property which can be divided among both the partners includes property purchased during the marriage, property owned by individuals before the marriage, assists accumulated by individuals in a joint business, gifts and inheritances received by both the parties and financial gains as a result of superannuation, redundancy and compensation.

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If the property owned by any individual belongs to a trust the court may treat the property as something belonging to one party or the other who might have benefitted from the income of the trust.

There is no hard and fast formula in respect to how a court aims to divide the property. The skills of a Brisbane divorce lawyers comes to play in helping their client to get the maximum out of the deal. The decision of the court is at times influenced by factors like how much property each individual holds and what was the contribution of each member in the marriage. Additionally the court would also consider the present and future needs of the individual parties while taking a decision regarding their financial future.

There is no hard and fast rule that property division is not possible before legal separation. The property matter can be sorted out before separation. However if the divorce proceeds have been completed then the couple is usually allotted a period of 12 months to finalize the property matters and with support issues. However it has always been a standard practice by Brisbane divorce lawyers as well by judges to encourage couples to solve their issues mutually.

In case you are a de-facto couple which means that in case both of you have shared a relationship equivalent to marriage for more than two years then you can make an application for the division of property. However the division formalities are not very simple and it is advisable for the couple to register their relationship if they wish to share their property among themselves or among their kids.

 Property division cases can get tricky if one partner hides their assets which they have accumulated overseas. It is the duty of a Brisbane divorce lawyer to look into all the aspects of the property dispute and conduct adequate investigation before deciding on any issues.

New Way Lawyers is a law firm based in Brisbane where they employ the services of some of the best Brisbane divorce lawyers who can assist couple in all types of divorce proceeding depending on their requirement. Their guiding motto is not profit but to provide legal service to people from all walks of life at an affordable rate.

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