If you have separated from your former partner and cannot reach agreement regarding a division of property, you may end up before a court determining what property division orders should be made.

If you reach agreement, you should ensure that it is formalised, either by:

1. orders made by consent and issued by the Federal Circuit and Family Court of Australia; or
2. signing a financial agreement.

Even if you and your ex-partner reach agreement, it is important to obtain advice about the way in which the court determines your property entitlement.

If your matter were before the court, it is likely to consider:

1. what assets and liabilities form the asset pool available for division between you and your ex-partner;
2. the financial and non-financial contributions made by you and your ex-partner. Each party’s percentage entitlement to the property pool is determined based on those contributions;
3. what further adjustment (if any) should be made in favour of you or your ex-partner based on your “future needs”. The court looks to the future and decides whether to make an adjustment based upon any of the matters set out in section 75(2) of the Family Law Act 1975.

Future needs factors that may result in an adjustment being made include where one party :

1. is of advanced years or suffers from some long term or permanent health condition; or
2. has the ongoing or primary care of children of the relationship under 18 years of age; or
3. has a greater future earning capacity.

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