Divorce can be a difficult time for any family. To make matters worse, there comes the issue of dividing your marital assets. In Australia, the sole ground for divorce is described as “an irretrievable breakdown of the marriage, evidenced by a twelve-month separation immediately preceding the date of the filing of an application for divorce”. WGC Lawyers’ divorce lawyers Cairns will assist you in navigating this difficult time with compassion and care.

Valuing the Assets

The first step in asset allocation is the valuation of all the individual assets that are shared by the divorced (or divorcing) couple. These assets include anything that was acquired by either partner before the marriage, during the marriage or even during separation. All the assets are identified into an ‘asset pool’ and given a proper value. These assets may include (but are not limited to) savings, real estate, cars, jewellery, or inheritance payments.

Valuing the Contributions of Each Party

The next step in a divorce is to value the contribution that each party has made to each of the assets which have been presented. These contributions may be financial, which include financial contributions made to acquire the assets in the asset pool. However, there are also non-financial contributions which have been made, including homemaking and parenting of any children that the couple have. A family lawyer Cairns may aid you during this time by explaining the various aspects you should be aware of during divorce proceedings.

Calculating Future Needs

The final step of asset allocation addressed the future needs of each partner. This takes into consideration the age, health, and income of each partner. In addition, the financial resources of each party as well as the custody of the children is also considered. The party who looks after the children will usually have a larger split of the assets.

If you’re looking for divorce lawyers Cairns residents trust, contact us today on 07 4046 1111.