15 January 2021
Property settlement – Considerations when one party owns small share of the matrimonial property
In a property settlement, the matrimonial property is owned as tenants in common with our client only owning a small share. They have been married for nine years and the spouse wishes to buy our client’s share. To determine a reasonable and fair offer, would the process be the same as if the parties owned the property jointly where we need to consider the financial and non-financial contributions?
Thank you for the question.
Yes. Regardless of the manner of ownership of the property, the court takes the same four-step approach in establishing what is just and equitable.
For a recent case where ownership was held as tenants in common and the court found a division according to the manner of holding was not appropriate, see Hsiao v Fazarri [2020] HCA 35.
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