Divorce put an end to a legal partnership between a man and a woman and at the same time dividing the property they both owned a pair.
Property owned by one spouse before marriage usually remains the property of the original owner, but everything else the couple acquired after their marriage is divided between them.
And while most people think that divorce and property settlement is the same process, they are actually separate processes. If you want to explore regarding the property settlement lawyers, visit https://www.kpl.net.au/family-law/.
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In the Australian family law, there are three steps that take place in residential property.
The first step is the creation of a pool of net assets. The pool is made between both parties and includes all the assets and liabilities of both parties acquired before marriage and after separation. It can also include financial resources where one party has control or influence.
The second step involves the court to assess the contribution of both parties to their former marriage. Contributions may be both financial and non-financial. According to the Family Law Act Section 79 (4), each contribution made by one of the two parties for the benefit of families is also taken into consideration.
The third and ultimate step includes the court considering the aspects related to the future requirements of one of the two parties. Things that need to be considered include the age and health of the two parties, the mental and physical abilities of each of the two parties to find a job in the future, and their responsibility to take care of each child.