Allysha-Jane Merrett: Do you know what you’re entitled to in a property settlement?

Hi, my name is Allysha-Jane Merrett. I’m a family lawyer here at Turnbull Hill Lawyers. Today, I’m here to talk to you about future needs and the important role that they play in your property settlement. When a Family Law Court is deciding a property settlement, they look at assets, contributions of both parties and then future needs adjustments.

What are future needs adjustments? Future needs adjustments are adjustments in favour of one party to account for their inability to earn a full-time income. The Family Law Court makes adjustments most commonly for the following: disparity in earning capacity, one party’s ability to look after children under the age of 18 years, if one party is mentally or physically sick that prohibits them from obtaining full-time employment, then the Family Court would make an adjustment in that party’s favour.

We’ll look at a case study now to clarify future needs. We take a basic case study. You’ve got a husband and a wife. In this scenario, the husband has always worked and the wife took on the role of a stay-at-home parent. The husband has been able to climb the corporate ladder and build his career, whilst the wife didn’t get the same opportunity during their relationship.

Therefore, post separation, the wife is at a disadvantage because she doesn’t have the same earning capacity as the husband. The Family Court recognises the disparity in income and would provide the wife with a 5% to 10% adjustment in her favour.

You can see by that example just how important it is for you to obtain specific legal advice relevant to your situation. If you would like specialised legal advice, please contact our family law team today and we’d be more than happy to assist you.

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