Finally, the Court must ensure that the final outcome is fair based on all of the available information. With so many competing positions in relation to complex property issues, it can be very difficult for the Court to make a final decision in relation to the division of assets. Ultimately, any decision made by the Court must be fair and equitable.

While applying the 4 steps listed above, the court will consider all theobjective facts that is relevant, along with the discretionary and further considerations that are unique to each matter. Even if there are similar cases, there is no guarantee that the Court will apply the same reasoning and considerations in reaching a final outcome. The 4-step approach presented here is very useful to practitioners and litigants alike as it provides clarification in relation to each party’s contributions and entitlements. It is always useful to seek professional advice from practitioners who have greater experience and a deeper understanding of the Court process and nuances associated with litigation.

In every determinaiton of the division of property and assets, Australian courts will always rely upon the method outlined above. 

As you can imagine, it is often very difficult to try and quantify all the assets and then split them equally. Most of the time, the equal division of assets will not be practicable or appropriate since there are so many different factors to be taken into consideration.

It is important to remember that there is no set formula that may be relied upon in calculating the division of assets and it is often possible that the spouse who had a higher financial contribution may ultimately receive a smaller share of the matrimonial asset pool given that the other party may have made greater contributions to the homemaker/child role. 

That is why it is important to speak to a qualified solicitor and seeking advice in relation to your entitlements before seeking to finalise the division of your assets!