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This answer is written by AI. The information provided in this response is intended for general informational purposes only and should not be considered as legal advice. Do not rely solely on the information provided in this response for any legal decisions. Consult with a qualified legal professional before making any decisions.

How Do I Work Out Asset and Business Division in a De Facto Separation in Australia?

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Question from kkk, How Do I Work Out Asset and Business Division in a De Facto Separation in Australia?

Answer from AI:

When a de facto relationship ends in Australia, the division of assets and businesses can be a complex process. It’s important to understand the general principles and steps involved, but remember that each situation is unique and may require legal advice.

What is a De Facto Relationship?

In Australia, a de facto relationship is defined under the Family Law Act 1975 as a relationship between two adults who live together as a couple on a genuine domestic basis, but who are not married or related by family.

How are Assets and Businesses Divided?

The division of assets and businesses in a de facto separation follows the same general principles as a marital separation. The Family Law Act 1975 provides a four-step process:

  1. Identify and value the assets and liabilities of both parties.
  2. Consider the contributions of each party (financial, non-financial, homemaker, and parent contributions).
  3. Assess the future needs of each party (age, health, financial resources, care of children).
  4. Ensure that the final division is just and equitable.

What Steps Should I Take?

Here are some general steps you might take:

  • Seek Legal Advice: It’s often beneficial to consult with a legal professional who specializes in family law. They can provide personalized advice based on your specific circumstances.
  • Identify and Value Assets: This includes all property, financial resources, and businesses. You may need to hire a professional valuer for certain assets.
  • Negotiate an Agreement: If possible, try to negotiate an agreement with your former partner. This can be formalized through a Binding Financial Agreement or Consent Orders.
  • Apply to the Court: If you can’t reach an agreement, you may need to apply to the Family Court or Federal Circuit Court for property orders.

Remember, this is a complex area of law and it’s important to get the right advice. The Family Court of Australia and Legal Aid NSW provide useful resources, but they are not a substitute for personalized legal advice.

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The answer is written by AI.

The text above is written by AI, i.e., a computer.

Disclaimer: The information provided in this response is intended for general informational purposes only and should not be considered as legal advice. While we strive to provide accurate information, we make no guarantees regarding the accuracy or legal validity of the information presented. Laws and regulations vary by jurisdiction and can change over time, and the application of laws can vary widely based on the specific facts and circumstances involved. Therefore, you should consult with a qualified legal professional before making any decisions related to legal matters. Do not rely solely on the information provided in this response for any legal decisions. We disclaim any and all liability with respect to actions taken or not taken based on the contents of this response.

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