Family law FAQ #17 – In property matters how does the court approach the assessment and adjustment of property between the parties?
It is now well established that the preferred approach to the court exercising its broad discretionary powers pursuant to s.79 of the Family Law Act involves a four-step approach. Those steps may be briefly described as follows: 1.The Court is required to identify and value all of the relevant property of the parties, which includes all property irrespective of its source or time of acquisition. Such value is usually determined as at the date of trial (“step 1.”); 2.The Court is required to have regard to the direct and indirect financial and non-financial contributions by or on behalf of each of the parties to the marriage including contributions as a homemaker and parent. Such contributions are to the marriage and are not limited to the property then in existence. The Court should come to a determination as to a proper apportionment between the parties, usually in percentage terms (“step 2”); 3.The Court is then required to have regard to s.79 (4) (d) to (g), or such of those as are
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