In dividing property between married and de facto couples, the Family Court uses a 4 step process:-
- The value of the assets and liabilities of the parties are identified (the asset pool).
- The financial and non-financial contributions of each party are then considered.
- The future needs of each party are assessed.
- The Court finally considers whether the division is just and equitable.
Each party is required to provide full disclosure of their financial position including any superannuation. Settlement can occur either through a Form 11 Application for Consent Orders or by a Form 1 Application to the Family Court.