While American sitcoms and movies regularly portray the idea
that assets acquired during the marriage are split on a 50/50
basis, in Australia the 50/50 rule does not apply.
Instead, there are five inter-related steps that must be
considered by the Court (either the Federal Circuit Court or the
Family Court) when determining who gets what following the
breakdown of a marriage or de-facto relationship. This is commonly
referred to as a property settlement.
This article will explain these five essential steps.
1. Determine what assets are available for division
The first step is to identify the current ‘property’
of each party and whether it is held jointly with the former
partner or individually.
