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Financial and Property Frequently Asked Questions
Q: What are assets?
A: Compensation, damages awards and inheritances will normally be included in an asset pool, if they are in existence at the date of reckoning. But inclusion in the pool does not automatically mean the other party is entitled to share in the value of these ‘assets’.
The factors taken into account to determine the contribution made by the party who received the compensation, damages or inheritance will vary depending on the circumstances of each case.
Q: Now that we’re separated, my ex will be able to take all my money because the kids mostly live with her?
Q: Now that we’re separated, my ex will get to keep all the money because he’s the breadwinner and I won’t be able to support the kids?
A: Neither of these is true.
Nobody will get to keep “all the money” – not you and not your ex either. Instead, the law tries to ensure that both are financially supported, with the amount and method of support depending on the circumstances in each case.
Provision for the kids through Child Support can be sorted out in a number of ways. If you are worried that your partner used to support you financially and now you don’t have any source of income, you may want to investigate applying for spousal maintenance (even if you were not married).
Q: Do you get access to more assets if you gain custody of the children after separation?
A: Family Law is a discretionary jurisdiction – meaning that the courts have wide powers to make Orders. Many facts are taken into account to determine how assets will be distributed. Parties’ contributions and their perceived needs will be assessed. Care arrangements for the children is just one of many matters that will be considered. There are no requirements in Family Law for fixed percentage distributions in any circumstances.