Property Settlement Family Lawyers
Our team of property settlement family lawyers in Ipswich and Brookwater can help you understand your entitlements following divorce and separation.
contributions in family law property settlement matters
Assessment and consideration about the contributions made by each party is critical component in determining how assets and liabilities are divided between separating or divorcing couples.
These contributions are categorised as financial contributions and non- financial contributions and the court evaluates both to determine a fair distribution of property.
By way of basic guidance and general overview about contributions:
Financial Contributions can include, for example, income earned during the relationship, savings, investments, and assets brought into the relationship by either party. It also includes contributions like the payment of mortgages, household bills, or other debts. It can also include inheritances, cash gifts and payouts received by a party.
Non-Financial Contributions: Examples of non- financial contributions can include home duties such as cooking, cleaning, outdoor maintenance. Non- financial contributions can also include caring for children and supporting the other party’s career or business ventures. For example, if one party stayed at home to care for children while the other worked, this is a significant non-financial contribution. Additionally, efforts made to improve or maintain property (like renovations) can be considered non- financial contributions. Non-financial contributions are just as important as financial contributions.
The above examples of financial and non- financial contributions are not exhaustive and encompass just some of the common financial and non- financial contributions asserted by parties when they are separating or going through divorce.
To discuss contributions as are relevant to your individual circumstances, or to provide you with advice about your entitlements to a property settlement after separation or divorce, our team of property settlement family lawyers in Ipswich and Brookwater would need to meet with you to discuss your individual circumstances.
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If you need a family lawyer to help you understand the property settlement process, as well as your entitlements and responsibilities, our family lawyers in Brookwater and Ipswich are conveniently positioned to help you through the process.
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