How does the court divide property between married partners?
The court must make an order for a just and equitable division of matrimonial property. The court follows a four step process: Step 1: Identify the pool of matrimonial property This means a value is attributed to everything owned by each spouse. It does not matter whether the property is in the husband’s name, the wife’s name, joint names or another entity controlled by either party. For these purposes superannuation is treated as property. Any debts owed are subtracted. Step 2. Assess contributions The court identifies contributions that each party has made to the acquiring, conserving or maintaining the matrimonial property. The court looks at not only financial contributions but also non-financial contributions and contributions as homemaker and parent. The court also takes into account what assets each party brought into the marriage and any inheritances or gifts received from third parties. Step 3: Section 75(2) factors The court looks to the future to assess the likely future nee
