Achieving Fair Property Settlement After a Short Marriage

Good morning, PROPERTY SETTLEMENT AFTER A SHORT MARRIAGE When considering property settlements, the court must consider whether it is in the circumstances fair and reasonable. It will also consider the value it shall ascribe to the non-financial contributions of a party such as homemaking and child-rearing. In making this determination the court will consider initial contributions, joint contributions to assets purchased during marriage and whether the asset values have increased or declined. The Family Court can consider whether to take a global approach or an asset by asset approach. A global approach considers the entitlement of each party to a proportion of the total assets whilst the asset-by-asset approach determines the parties’ interest in each asset. With the passing of time, the Family Court has to view initial contributions as diminishing over time and being incorporated into the joint assets. This is commonly referred to as the erosion principle. A marriage of approximately 5 years duration will generally be considered a short marriage whilst a marriage greater than 10 years will generally be considered a long marriage. The court in both cases must initially determine the property pool of the marriage. To do this each party must declare to the other and to the court the assets in their possession and what they consider as joint assets. The court must consider the contributions of each party considering the specific circumstances or the relationship. The court will also consider the future needs and change in lifestyle that may be brought about by the division of property. In a relatively short marriage where the parties have kept their assets separate from each other, where there is no change in lifestyle and each is able to maintain their lifestyles and there are no children of the marriage, the court will generally consider the division of property on an asset-by-asset basis. As such because of the shortness of the marriage, the court will consider that initial contributions have not had the time to erode. In general, the capital gains of a property asset is not to be considered income of the parties, whilst a loss of value not incurred recklessly, negligently or wantonly will be accounted in the light of the circumstances. It should be noted that unless a Binding Financial Agreement is in place no party is able to quarantine an asset from the consideration of the court. It is my opinion where parties are entering relationships later in life with significant assets to is highly important to implement a Binding Financial Agreement to clarify the position in the event of an unforeseen breakdown in the relationship. In summary, for a marriage for around 5 years duration, the court will usually place greater importance upon initial contributions, the contributions of the parties to assets acquired during the relationship whilst looking at the non-financial contribution to a lesser extent. I hope this is of assistance and if either you or anyone you know has any questions please do not hesitate in contacting me. Have a wonderful day, Jeffrey 0419 233 670 [email protected] If you would like to sign up for my newsletter please go HERE. ps. I am available to discuss matters either in my office or by Zoom conference and provide notary services which must be in person.

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早上好， 短暂婚姻后的财产分割 在考虑财产分割时，法院必须考虑是否公平合理。它还将考虑双方的非财政贡献，如家务劳动和抚养子女的价值。在作出这一裁定时，法院将考虑初始出资、对婚姻期间购买的资产的共同出资以及资产价值是否增值或贬值。 家庭法院会考虑是否直接对全部资产进行分割或是部分资产逐项进行分割的方法。对全部资产进行分割，将考虑双方在总资产中所占比例，而部分资产逐项进行分割，会确认双方在每项资产中的权益。随着时间的推移，家庭法院认为初始的财政贡献会随着婚姻时间的增长而减少，并逐步被纳入共同资产中。这通常被称为侵蚀原理。 一段持续时间约为5年的婚姻通常被视为短期婚姻，而超过10年的婚姻通常被视为长期婚姻。在这两种案件的共同财产池必须首先由法院裁定。为此，每一方必须向另一方和法院申报其拥有的资产以及他们认为是共同资产的资产。法院必须考虑每一方的出资的具体情况或关系。法院还将考虑财产分割可能对由于未来生活方式的变化而对生活需求产生的影响。 在相对较短的婚姻中，双方的资产彼此独立，生活方式没有改变，双方都能维持自己的生活方式，而且婚姻中没有子女，法院一般会考虑按资产分割财产。因此，由于婚姻的短暂性，法院将认为最初的供款还没有来得及侵蚀。一般来说，不动产资产的资本增值部分不应视为双方确立关系后的收入，而不动产因非鲁莽、疏忽或肆意导致的价值损失，将根据具体情况予以酌情考虑。 应当指出，除非订立有约束力的金融协议，否则任何一方当事人都不能将资产与法院的认定隔离开来。我的观点是，当双方不久将进入共同生活前，签订一份具有约束力的财务协议，以便在关系出现意外破裂时阐明立场，这一点非常重要。 综上所述，对于5年左右的婚姻，法院通常会更重视初始出资，双方对关系期间获得的资产的出资，同时对非财务出资的关注程度较低。 我希望这些内容能提供一些帮助，如果你或任何你认识的人有任何问题，请不要犹豫与我联系。 祝你有美好的一天， 蔡福荣 (Jeffrey) 0419 233 670 [email protected] 请点击此处查看更多信息 另外，我可以在我的办公室或Zoom会议上讨论事宜；公证服务必须当面进行。