Section 75(2) of the Family Law Act allows for several to be taken into account along with contributions of any sort made by each spouse. The entire list is as follows:
• The age and state of health of each of the parties
• The income, property and financial resources of each of the parties and the physical and mental capacity of each of them for appropriate gainful employment
• Whether either party has the responsibility of care or control of a child of the marriage younger than 18 years
• Commitments of either party to supporting himself/herself and a child
• The responsibilities of either party to support any other person
• The eligibility of either party for a pension, allowance or benefit (set out in laws of the Commonwealth or States, includes any superannuation fund)
• Reasonable standard of living in all circumstances
• Whether payment of maintenance would allow a party to increase their earning capacity by undertaking an educational course or training
• The effect of any payment on the ability of a creditor of a party to recover a debt
• The extent of contribution to the income, earning capacity, property of the other party
• If either party is cohabitating with another person, the financial circumstances of this
• The need to protect a party who wishes to continue that part’s role as a parent
• Terms of any orders made in relation to the property of the parties or vested bankruptcy property
• Any child support that a party to the marriage has provided or might need to provide in the future
• Terms of any binding financial agreement that need to be taken into account.
Such factors are included and taken into consideration within a property settlement to the extent that they are relevant. Sometimes more than one factor is considered, other times, none of these factors are relevant. Generally, these factors are not considered in high income matters, but they have been on some occasions. For de-facto relationships, the additional factors are outlined in s 90SF(3) of the Family Law Act 1975 (NSW).
When taking s 75(2) Family Law Act factors into account, a monetary value is determined, not a percentage. Factors usually work in the favour of wives, due to children, dependants, responsibilities and other factors including home duties, however, this is not always the case. Section 75(2) factors can pose difficulties however, when traditional gender roles are not adhered to.
A common consideration is that of ‘re-partnering’. The court looks at the new financial position of the ‘re-partnered’ spouse and determines whether this should influence the property determination. A high level of discretion is exercised by the court in determining the impact of these s 75(2) factors.
Furthermore, section 79 provisions can be taken into account in considering additional factors, where future financial positions are examined. In these situations, the court will give regard to the future income earning ability of each party. For example, if an income earning property is sold, the court must consider the implications of this on the spouse/s relying on this income.
Other Articles of Elizabeth Lane
Section 75(2) of the Family Law Act allows for several to be taken into account along with contributions of any sort made by each spouse The entire list is as follows:
• The age and state of health of each of the parties
• The income, property and financial resources of each of the parties and the physical and mental capacity of each of them for appropriate gainful employment
• Whether either party has the responsibility of care or control of a child of the marriage younger than 18 years
• Commitments of either party to supporting himself/herself and a child
• The responsibilities of either party to support any other person
• The eligibility of either party for a pension, allowance or benefit (set out in laws of the Commonwealth or States, includes any superannuation fund)
• Reasonable standard of living in all circumstances
• Whether payment of maintenance would allow a party to increase their earning capacity by undertaking an educational course or training
• The effect of any payment on the ability of a creditor of a party to recover a debt
• The extent of contribution to the income, earning capacity, property of the other party
• If either party is cohabitating with another person, the financial circumstances of this
• The need to protect a party who wishes to continue that part’s role as a parent
• Terms of any orders made in relation to the property of the parties or vested bankruptcy property
• Any child support that a party to the marriage has provided or might need to provide in the future
• Terms of any binding financial agreement that need to be taken into account
(Feb 15, 2012)
What is an Apprehended Violence Order (AVO) & Apprehended Domestic Violence Order (ADVO)
An Apprehended Violence Order (AVO) is an order made by the court that prohibits certain behaviour of the person you have taken the order against
(Sep 12, 2011)
A will is a legal document that sets out your wishes as to what is to be done with your assets after your death
An unambiguous, correctly drafted and current will that clearly states your wishes is the best possible way to ensure that your assets are dealt with in accordance with your wishes upon your death
(Aug 15, 2011)
Same sex couples are treated under the same laws as de facto partners are in property settlement proceedings The laws relating to property settlement at the end of a gay or lesbian relationship have recently changed
(Aug 09, 2011)
As of 2002, superannuation funds can be considered as property and can be included within the asset pool of a property settlement Prior to this however, superannuation was considered as a financial asset and so was dealt in a different manner to property
(Aug 09, 2011)
Receiving a parking ticket is always frustrating The NSW State Government has issued approximately $312 million in fines to drivers in the last 6 years
(Aug 09, 2011)
A de facto relationship is defined as a close personal relationship between two adults whether related to one another or not, who are living together, one or each of whom gives domestic support and personal care
A court will make orders if it is satisfied that:
1
(Jul 22, 2011)
In making orders in respect of the welfare or upbringing of children, the best interests of the child are the paramount consideration
In determining what the best interests of a child are the court will consider the following matters in s68F of the Family Law Act:
1
(Jul 21, 2011)
The breakdown of a marriage or a relationship is stressful and fraught with emotion Unfortunately, parties then need to turn their minds to resolving property and children’s matters
(Jul 21, 2011)
After the breakdown of a marriage or relationship it is appropriate to resolve “who gets what” This is known as financial property settlement
(Jul 19, 2011)
