Did you and your partner purchase a property together, but the property is registered in your partner’s sole name? Did you make contributions towards this property?
There are many reasons why people decide to hold property in one name, rather than joint names. One common reason is for asset protection purposes in circumstances where one party owns a business and/or is exposed to risk.
This does not become an issue until the parties separate and seek to divide the property between them.
There is no reason to panic if you separate and the asset is in the other party’s name.
Under the Family Law Act 1975, it does not matter whose name the property is registered in. The Court has the power to adjust property interests, whether it is held in one name or joint names, or in the name of an entity controlled by one party.
The Court considers a number of factors – broadly, contributions and future needs.
Contributions include financial and non-financial contributions made by each party. A non-financial contribution may be made as homemaker and/or parent.
In assessing ‘who gets what’, the Court will take into account all of the assets, liabilities, financial resources and superannuation of the parties. Liabilities will be deducted to arrive at a net asset pool.
Once all of the relevant figures have been calculated and factors considered, the Court will make a decision having regard to what is just and equitable in all of the circumstances.
For further information, call 03 8602 2000.