Where parties are married the Court generally takes a 4 step approach to property settlement:-

1. Ascertain the assets and liabilities of the parties (disregarding whose name they are in)
   
   
2. Establish the contributions made by the parties to the assets and liabilities including financial contribution, non financial contribution and contribution to the welfare of the family.
   
   
3. Consider the future needs of the parties.
   
   
4. Does this result in a just and equitable division?

The way property is split will often be affected by one spouse having care of the children, one spouse bringing into the marriage substantial assets, or one spouse being unwell or elderly and unable to adequately support themselves.

This approach takes these matters into account. In de facto and same sex relationships, the approach is similar, save that the legislation covering these relationships (the Property Law Act Vic 1957), does not permit a consideration of the future needs aspects.