family law act future needs s75(2)
section 75(2) of the act sets out a number of factors that the court needs to consider when deciding on whether one of the parties has greater needs than the other, in the future.
When couples separate, they usually need to sort out how to divide their assets (property) and debts.The Family Law Act 1975 sets out the general principles the court considers when deciding financial disputes after the breakdown of a marriage or a de facto relationship.
The general principles are the same, regardless of whether the parties were in a marriage or a de facto relationship, and are based on.
- Working out what you have got and what you owe, that is your assets and debts and what they are worth.
- Looking at the direct financial contributions by each party to the marriage or de facto relationship such as wage and salary earnings.
- Looking at indirect financial contributions by each party such as gifts and inheritances from families.
- Looking at the non-financial contributions to the marriage or de facto relationship such as caring for children and homemaking.
- Future requirements – a court will take into account things like age, health, financial resources, care of children and ability to earn.
It is important to realise that the way your assets and debts will be shared between you will depend on the individual circumstances of your family.
Section 75(2) factors address the future needs of the parties to the matter. Factors which may be considered to establish future needs include the following:
- Age and state of health.
- Income, property and financial resources and the physical and mental capacity of to gain appropriate employment.
- Parent or sole carer of a child under the age of 18.
- Commitments that is necessary to provide for themselves or a child.
- Responsibilities of either party to support another person.
- The eligibility for a pension, allowance or benefit under any Commonwealth or international law and any superannuation fund or scheme and the rate of payment.
- A standard of living that in all the circumstances is reasonable.
- The extent to which maintenance payment would increase the earning capacity of one party by enabling them to undertake a course of education or training, to establish a business or obtain an adequate income.
- The effect of any proposed order on the ability of a creditor of a party to recover the creditor’s debt.
- Contribution to any income, earning capacity, property and financial resources of both parties.
- The duration of the marriage and the maintenance of the property that affected the earning capacity of a party.
- The need to protect a party.
- Financial circumstances if either party is cohabiting with another person.
- The terms of any order made or proposed to be made in relation to the property of the parties, vested bankruptcy property or child support provided.
- The terms of any financial agreement that is binding the marriage.
Finally, the Court has a wide discretion when determining the future needs in cases, and therefore obtaining legal advice for your property settlement is vital, in understanding what your future needs arguments could be in order to achieve a just and equitable outcome.
Disclaimer : This article provides basic information only and is not a substitute for a professional or legal advice. It is prudent to obtain legal advice from a family lawyer.