Determining a reasonable property settlement requires a consideration of:
- the current assets, liabilities and financial resources of each party;
- any contributions made prior to, during or after the relationship, whether such contributions are financial or contributions for the welfare of the family;
- each party’s future needs, including their respective ages, health, income, arrangements for the care of any children etc;
- whether any proposed settlement is just and equitable.
A party wishing to retain the family home may do so provided that an appropriate division of assets can be effected without its sale. For example, one party may be able to keep the home and borrow against the property to pay the other party their entitlement. It is important that you make enquiries to determine your ability to refinance before you attend mediation or Court so that you can make an informed decision about your proposals to resolve the matter.