As there is no set formula for calculating a party’s entitlements following a separation, it varies from case to case. The Family Law Act sets out a number of different issues that must be considered when determining how to divide the marital assets, such as:
- The financial contribution made by each of the parties;
- Any non-financial contribution made by the parties, including contributions as a homemaker or in parenting the children;
- The relative income earning capacities of each party;
- Each parties age and state of health;
- Who has primary care of any children;
It is essential to obtain legal advice about what your entitlements may be before discussing any property settlement with your former spouse. Mackinnon Jacobs Lawyers offer a free half hour initial telephone consultation service so that you will be better prepared when entering into negotiations with your former spouse.