When a court makes a children's Order, the Family Law Act 1975 requires it to regard the best interests of the child as the most important consideration. Parents are encouraged to use this principle when trying to negotiate parenting plans.
When dividing property in Family Law, an approach that involves four steps is taken.
1. All assets and debts of the relationship are included to make a property pool (at this stage there is a process of obtaining valuations of assets and disclosure by both parties of all financials, including bank accounts, superannuation and business financials).
2. The contributions of each party, also known as the s79 (4) factors, are looked at in light of the property pool.
3. The future needs of each party, s75(2) factors, are taken into account.
4. A 'just and equitable' adjustment is the final step.