QLD Property Settlement with Ex-Wife - Is Debt Taken into Consideration?

[kleiny84]

My ex wife has left and we're going through property settlement. Most of our assets are under finance but also most are in my name only. Is she entitled to the property value or is the debt taken into consideration also? She just convinced me to buy her a new car, which is in my name. Also, is infidelity on her part taken into consideration under Family Law?

 

[Sophea]

Hi kleiny84,

There are no hard and fast rules with respect to property settlements. Parties are encouraged to come to an agreement and negotiate a property settlement by themselves first. If they cannot agree, then they can apply to the court to divide their assets for them in the way it considers to be just and equitable. The court does not take into account whose fault it was that the relationship broke down.

What is just and equitable changes from case to case and will depend on your unique circumstances. There is a process the court follows which is outlined in this post: NSW - What am I Entitled to as Property Settlement? | LawAnswers.com.au

Basically the court determines what is in the "property pool" which includes all assets and liabilities. It considers the financial and non financial contributions of each party to the relationship and then divides up the assets based on future financial needs of each partner and their ability to earn a living.