The Separation Guide | A starting point for better separation and divorce
Episode 20: What's fair when you split your assets?
Mar 20, 2023
Lauren Patford-Smith, a Family Law expert from Padford-Smith Legal Services, discusses the complexities of dividing assets during separation. She highlights how a simple 50-50 split isn’t always fair, emphasizing the importance of contributions—both financial and non-financial. The conversation covers the impacts of caregiving roles, relationship length, and the significance of mediation in achieving equitable outcomes. Listeners learn how unique circumstances inform tailored asset division strategies, ensuring a more just resolution.
40:04
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Quick takeaways
- Dividing marital assets requires careful evaluation of both financial and non-financial contributions, including the roles of primary caregivers and breadwinners.
- The circumstances of each party, such as the length of the marriage and future earning capabilities, significantly influence the fairness of property division.
Deep dives
Understanding the Marital Asset Pool
The determination of what constitutes a marital asset pool is crucial during property settlements following separation. Assets generally include all earnings and purchases made during the relationship, as well as debts, particularly those in joint or single names. It is essential to consider not just the financial contributions, but also the timing of asset acquisition and the financial responsibilities taken on by each partner. For instance, superannuation is categorized as an asset and can significantly impact the overall division of property.
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