Living Arrangements in Jointly Owned Homes
In NSW, when a couple separates, determining who can live in a jointly owned home can be contentious. If one party is living in the property while the other vacates, the party remaining in the property will usually be required to be expenses including rates, mortgage payments, bills and maintenance costs. If the separated parties continue to live under one roof they will generally be expected to share payment of these expenses. However this can cause further strain on the relationship and disagreements occurring during this time may adversely affect property settlements or family court proceedings.
Superannuation in Divorce and Separation Settlements
Superannuation is considered a significant asset in property settlements during divorce or separation. Under the Family Law Act 1975 (Cth), superannuation can be split between parties as part of the property settlement. This process involves valuing the superannuation interests and determining a fair division, which can be formalized through a superannuation agreement or court order. The division of superannuation is treated similarly to other financial assets, ensuring that both parties receive a fair share of the combined assets. In determining the superannuation split between the parties, the courts will consider the length of the relationship and the contribution of the parties to the relationship and their respective superannuation funds.
Joint Assets in Divorce or Separation
The division of joint assets in NSW is governed by the Family Law Act 1975 (Cth). The court considers various factors, including the financial and non-financial contributions of each party, the future needs of each party, and the overall assets and liabilities. Joint assets typically include real estate, bank accounts, investments, and personal property acquired during the relationship. The court aims to achieve a just and equitable distribution, taking into account the unique circumstances of each case. They will also consider the asset pools of the parties at the commencement of the relationship. The asset pool is always determined on the most recent values of property and assets, not their values at the time of separation.
