The Family Law Act acknowledges this is the reality for many families and it strives to achieve a ‘just and equitable’ division of assets.
How ‘Future Needs’ Are Considered in a Property Settlement
When considering the division of assets, the Court must take into account the ‘future needs’ of the parties. ‘Future needs’ or maintenance needs include, but are not limited to:
- the health of the parties,
- whether either party has the care of a child under the age of 18 and
- the income earning capacity of each party.
Can I Get a Bigger Share of Assets If I Earn Less?
This may result in an adjustment being made in favour of the party who earns the lower income on the basis that their ‘future needs’ are greater than those of the party who earns a higher income.
How to Protect Your Financial Future After Separation
It is important to engage a solicitor specialising in family law and formalise your property settlement as soon as possible so that you can take control of your financial future.
By formalising your agreement through a Binding Financial Agreement or an Application for Consent Orders, you can move forward in creating wealth without concern that your former spouse could make a claim on that income or property in the future.
