Szabo & Associates News & Updates

When a couple separates, a property settlement agreement decides how their net assets will be formally divided between them. If a winning lottery ticket was bought by one party during a relationship, it would be seen as joint property and dealt with in a property settlement. But what happens with a big lottery win after separation?

After the separation of a married or de-facto couple, a property settlement is an arrangement to divide their net assets between them. If the Family Court is required to determine the parties’ entitlements, it does so in a stepped process, including assessing the contributions, both financial and non-financial, of the parties to the relationship, the future needs of each party and whether the proposed division is ‘just and equitable’.

Under the Family Law Act, the only persons with rights are the children. No one with an interest in the welfare of a child has a legal right to spend time with a child. Rather, the focus of the Act is on the rights of children and parental responsibilities rather than on parental rights. 

When parents separate, one of the key issues that may arise is the residence and contact arrangements for any children. The family law system encourages parents to work out arrangements for their children without the need of Court intervention. However, this is not always possible and either parent can apply to the Court to have the matter resolved.

The date of separation is relevant in family law property matters because the Court takes into account the contributions made by a party during the relationship. As such, the date of separation can have a considerable impact on the division of assets during their property settlement.