In divorce what steps do Australian courts take when dividing property?

The Court uses a four-step process when altering property interests between spouses.

Step 1 is to identify and value the property.
Step 2 is to consider the contributions (financial and non-financial) to the marital assets.
Step 3 is to consider future needs of the parties.
Step 4 is a judicial discretion to alter the division of property so as to be just and equitable considering any other relevant facts.

See Family Law case examples on the Family Law blogsite