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Started Dec 04 2012, 04:04
Posts: 1473 |
Dec 04 2012, 04:04
How is the property of the marriage divided? There are no hard-and-fast rules laid down in the Act. A great deal of discretion is given to the judge. He can split the property between them as he considers right. However, there are some general guidelines. As a general rule, if the marriage has lasted some time, say, ten years, then the property will be split equally between the partners. If the marriage has lasted only a short time, then each partner will get back approximately what he/she has put into the marriage. If either partner is in a superannuation scheme, then the value of the superannuation will be brought in as an asset. If a business is involved, the business will be split equally between the partners if each partner has worked in the business and built it up from scratch. However, if only one partner has worked in the business and he/she has built it up by himself, then that partner will be awarded the lion's share of the business.
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