In a divorce, couples have to decide what to do with their property. They may also have children that they may need to provide for. This calculator can help you determine how much money each person could get from the sale of all marital property and other assets, as well as alimony payments
The following calculator is designed to estimate the distribution of marital property in an equitable manner when both parties agree on such a division and one party pays support (alimony) to the other spouse. The results are estimates only, contact your attorney or legal advisor for advice about your specific situation. For purposes of this calculation, it is assumed that there are no minor children involved and that either party has sufficient liquid assets (cash and/or investments such as stocks and bonds) to pay the down payment, closing costs, title fees and other expenses on any property purchased by him or her.
Property Distribution Report
Summary of Your Proposed Agreement is a summary report that shows the division of property items you have selected in your proposed property settlement. You can use this report to share with your attorney. After completing this report, click “Print” from the toolbar above to print it out for your records.
Income In order to complete the property distribution worksheet you may need copies of each party’s most recent W-2 form(s), paycheck stub(s), bank deposit slips for all sources of income and copies of any 1099 forms. You can get these records from your attorney or spouse and provide them to the calculator/distribution worksheet provider after you have both reviewed them for accuracy, enter information as accurately as possible based on all available information.
How to use a property settlement calculator?
A property settlement is a legally enforceable agreement that satisfies the demands of all concerned parties, including any children affected by your change in circumstances. If required, the Family Court of Australia can issue a binding agreement, however, with the help of a family lawyer, you may obtain the same result without going through court.
Choosing the right pathway toward a property settlement can be tricky, so before making rash decisions or signing your life away, it’s worth investigating a range of property settlement calculators. When your overall financial position is clarified, you may be able to enter into negotiations with confidence.
There are many forms of a property settlement calculator, such as a calculator for:
- Net worth
- Salary tax rate
- Capital gains
- Money health check
- Child support
- Percentage of care estimates
By using the net worth calculator you can understand your current financial position, including assets and liabilities. A salary tax rate calculator can help take the guesswork out of your tax situation by obtaining an accurate estimate of how much tax you may be required to pay. The capital gains tax calculator helps to learn how much capital gains tax you may pay on a rental property.
A money health checking calculator takes complete control of your finance and imports steps that may benefit your current situation. A child support calculator helps you to get an idea of what you may anticipate in child support payments after separating from your spouse or partner. And finally, the percentage of care estimator may help you establish clarity on how much child support you’ll pay based on the total number of nights per year your kid resides with you.
What’s included in the financial settlement or property settlement calculator?
All assets and obligations may be considered to obtain a full picture of your financial status. It is against the law to provide false or misleading information, which might have severe consequences including reduced settlement amounts or even jail time. This is just one of the many reasons why consulting a qualified lawyer is so vital. The following factors can influence property settlement outcomes:
- The family home and investment properties.
- Bank accounts.
- Automobiles, boats, caravans, trailers.
- Shares, bonds, and superannuation entitlements are also included in this list.
- Household items and personal effects.
- Trust assets, investments, inheritances, and entitlements.
- Loans, Credit card debt and other continuing payments.
Does every financial agreement split at 50/50?
Even-handed approaches are used to determine family law property settlements. Your lawyer representative may work with you to create the best possible financial situation, negotiate with rivals, propose a legally binding settlement agreement, pursue court orders if required, and even appear in court for you if necessary to help you reach your goals. While outcomes are intended to be equitable, they may not necessarily need to be split 50/50. Property settlements are generally performed in four steps.
- Calculating the total value of your and your partner’s net assets.
- Examine personal homemaking or parenting efforts as well as non-financial contributions to the net asset pool.
- Establish future requirements for both partners, as well as any children involved in the changes.
- Achieve judicious and equitable results for everyone concerned by the new situation.
What are the professional standards legislation scheme?
Every state in Australia has its own professional standards legislation scheme, which ensures that all legal service providers are up to scratch. The aim is to provide you with the highest possible level of legal service. By obtaining an accredited qualification in your chosen area of expertise, having at least five years’ work experience, and being admitted as a solicitor by the relevant bar association or law society, you can be certain that you’re dealing with a reputable lawyer who may meet every requirement set out by your state’s professional standard laws.
It’s believed that it is important for people to have access to legal services that go beyond just taking the case to court when a de facto relationship is ended, but also provide support for clients who need help understanding their options throughout the entire process. A family law act has been created to help with the implementation of this strategy.
How is property settlement calculated in Australia?
Before a divorce can be finalised in Australia, all outstanding issues may be agreed upon between the parties, including financial assets and property. Parties to a divorce action may need to agree on what assets they have and how those assets could be divided up. In determining a fair division of a couple’s property, courts attend to the respective contributions each party has made during their relationship. Simply stated, this may see one spouse required to pay compensation for contributions such as caring responsibilities or raising children if the court considers it equitable upon divorce.
The Family Law Act 1975 (Cth) sets out general principles that Australian courts take into consideration when dividing up property in order to resolve disputes between separating couples. The act states at section 79(4)(a) that the court may take into account [the contributions] of each of the parties to the marriage to the welfare of the family, including any contribution by looking after the home or caring for the family.
The act also states that an order made under this act could try and restore both spouses to the financial position they were in before their relationship broke down, by compensating one spouse for sacrificing his or her earning capacity during their time out of paid employment (section 75(2)(d)). A family lawyer may explain that in most cases, this may see the spouse who has been out of work for longer compensated by way of a greater share in their property.