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Difference between revisions of "Dividing Property and Debt in Family Law Matters"
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Dividing Property and Debt in Family Law Matters (view source)
Revision as of 13:26, 20 May 2013
, 13:26, 20 May 2013→The plan of the Family Law Act for property and debt
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Whether you're able to settle how property and debt are going to be shared by agreement or if you're going to need a court order, it's important to understand how the ''[[Family Law Act]]'' works. If you're going to start a court proceeding, the court will be required to divide property using the rules set out in the act; if you're going to be able to settle your property issues, the act will be used to measure the fairness of your agreement if either of you ever tries to get out of the agreement in the future. | Whether you're able to settle how property and debt are going to be shared by agreement or if you're going to need a court order, it's important to understand how the ''[[Family Law Act]]'' works. If you're going to start a court proceeding, the court will be required to divide property using the rules set out in the act; if you're going to be able to settle your property issues, the act will be used to measure the fairness of your agreement if either of you ever tries to get out of the agreement in the future. | ||
=== | ===How the ''Family Law Act'' divides property and debt=== | ||
Part 5 of the ''[[Family Law Act]]'' talks about the division of family property and family debt between spouses. It says what counts as shared family property and family debt, and which property is excluded from family property. It talks about when family property and family debt can be divided unequally, and the circumstances in which excluded property may be | Part 5 of the ''[[Family Law Act]]'' talks about the division of family property and family debt between spouses. It says what counts as shared family property and shared family debt, and which property is excluded from family property and is supposed to remain the separate property of the owner. It talks about when family property and family debt can be divided unequally, and the circumstances in which excluded property may be shared between spouses. Part 6 talks about how pensions, which count as family property under Part 5, get divided between spouses. | ||
This is how Part 5 works: | This is how Part 5 works: | ||