Previously when both the individual parties consisted a family, they did not have the urge to separate their assets and thus the property remained as a part of combined ownership. This type of ownership does not need documentation on division and thus there are no definite owners to such assets.
In this circumstance, the parties do not take steps to distribute their assets and so it remains like this. But after the period of separation of both the parties, the matter goes down to the distribution of assets and so the matter is taken to the court where superannuation of the property comes to being. In this regards, the court has to go through the documents provided and the circumstances where the parties are at at the very moment.
Basing on all those evidences and going through the legal papers, the court has to make decisions on dividing the assets. There are several factors that will determine which party will get what amount of the property from this type of superannuation. The future needs of the parties play a great role as a factor for the determination of the assets. The court will judge the priorities and make a decision based on the information at hand and ultimately divide the property between the parties.
Firstly the parties must come to a decision on whether their matter should be taken to the court or not or they will find a way out of their problems. They may figure something out and later on come to terms with the decision and go through the distribution process with their own will.
There are to be some documentation done according to the law of superannuation and the involvement of a divorce lawyer is necessary and so the process of distribution would run smoothly. For this process to work, the parties must come to a common decision and agree with the assets that they are sharing. They should both sign the papers provided by the lawyers and this decision cannot be altered later on.
But if the parties fail to manage the situation and they disagree with each other on this matter, then the matter is taken to court and the court will be the judge and solve the conflict. The court has also some procedures that it has to follow in order to determine who will get what share of the asset. These factors are to be taken care of by the lawyers and they will be putting the required documents to the court.
The matter will remain to the court on which they will be deciding and who will get what percentage of the conflicted property. Court has several issues that it can look upon and they will be looking through the future needs of the parties and then determines what percentage of the property should they be getting and what the other will get.
When the sole ownership remained in the hands of both the parties, the dependency was there. But now when the assets will be divided, there will be no dependency of one on the other and thus the future needs cannot be fulfilled like before. In this case, the court must see the background of the parties and see their future needs.
One can have more needs than the other and the assets that would be shared can play a role in the life of an individual party. This may include some issues like what would happen next when the parties are separated. The court will decide who is more eligible for the share on what extent and what would be the future needs that this asset can fulfill.
For example, the keeping children after separation can determine who will have the larger share. It is because the needs of the children should be given more priority and the asset can come in handy that time. The age and what is the health of the individual, income, private property, employment, debt, is there any dependency of others on that party.
All those after combining and judging on the basis of equitability, the court will decide who will get what percent of share. The main emphasis the court will give is on just. They will be ensuring that any party should not get harm from this property settlement. Property settlement for future needs will be giving the parties a new hope so that they do not get dependent on others.
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 lawyer.