Overseas Assets in a Property Settlement
Do Overseas Assets form Part of the Property Pool In Australia? Overseas assets and liabilities form part of the asset pool and are taken into account in any settlement of property between…
Do Overseas Assets form Part of the Property Pool In Australia? Overseas assets and liabilities form part of the asset pool and are taken into account in any settlement of property between…
When it comes to a property settlement, one of the first steps is to determine the parties property pool. Determining the property pool involves assessing the assets and liabilities of the parties…
One question we are often asked, particularly from those that have already been through the family law system, is 'how can I protect my assets from my new partner?' While…
It is not uncommon that upon separation, one party controls the majority of the matrimonial assets. In addition to this, it is not unusual for one party to earn significantly…
What happens to a business in a divorce? Any interest in a business or company can be considered property in a divorce or property settlement. It does not matter what…
When it comes to negotiating a property settlement, extra stress can arise when you have differing opinions about what should happen with the family home. Usually, one party wants to…
Why does an ex husband, wife or spouse delay a financial settlement? An ex may be motivated to delay a financial settlement for multiple reasons. Ex's may try to remain…
Premarital assets Is a house owned before marriage marital property? Marital property refers to property acquired during the course of a marriage. In contrast, there is also separate property, which…
Yes. You do not need to be divorced before obtaining a property settlement. Both securing a divorce and obtaining a property settlement are two separate matters, and you do not…
What is spousal maintenance? Spousal maintenance is a form of financial support available to a party during a separation. It is usually understood to be payments made to the other…
What Happens to Post-Separation Assets? Parties can build up significant assets after separation and should be aware of how those assets are treated in family law proceedings. Property that is…
Is my ex de facto/wife/husband entitled to my superannuation? Yes your ex may be entitled to superannuation. In all Australian states (except Western Australia) superannuation is considered an asset in…
The family court uses what we call a 4 (or 5) step approach to determine who gets what in divorce or separation. Most commonly people end up with 60/40 or even 70/30. Rarely they get half.
The Family Court considers debts as genuine if they are for proper purposes. A good purpose might be to move out of the house or to pay for maintenance on an existing asset. If the debt is for gambling or another activity, then that debt is seen to be dissipating the asset pool. If a party wastes the asset pool after separation, then a lawyer might make what they call a 'wastage' argument.
If something is a loan, then it will need to be paid back out of the property pool, whereas the property pool will include gifts. Disputes often arise as to whether an asset or money is a loan or a gift, and then if it is a gift whether or not it is a joint or sole gift. If it is a joint gift, it is a joint contribution; if it is a gift to one person, it is considered a sole contribution.
It is no secret those that come out of family law unscathed are those that reached a mutual agreement and formally documented that agreement early. Many separating couples are amicable at some point and agree on things without lawyers. However, it's at that exact point separating couples need to inject some law into the agreement and formalise it.
Family law property settlements are not calculated on the date of separation but at the date of final orders or agreements. That means assets can be included in the property pool even if they get obtained post-separation. It depends on the type of asset as to whether it gets included in the property asset pool.
You are entitled to whatever is fair. It varies relationship to relationship as to what the Court considers fair. When determining what is fair, the Court considers your initial contributions, your contributions throughout the relationship and your future needs.
It is useful to use a checklist, particularly when you're in a heightened state of emotion.
You have a strict time limit of 12 months from that date of your divorce order to make an application to the Court for a property settlement. In de facto, you have two years to apply to the Court for a property settlement.
Mediation is a form of ADR (amicable/alternative dispute resolution) which, for parenting matters, is a compulsory step you must take before you can file proceedings (unless your matter is urgent)…
https://www.youtube.com/watch?v=BscruCHmnqg Our standard consent order package is for couples who have agreed on the division of the assets. Book a free quote here for a reasonable and affordable fixed fee…
Please write down your story and provide it to your lawyer before meeting them. Writing down your account can save significant time and allows the lawyer to get to the…
All parties involved in a family law dispute are required to provide to each party and the Court all information which is relevant to an issue in the case. If your case involves financial issues, then in addition to general disclosure requirements, you are required to provide full and frank disclosure. If your case relates to parenting matters, then you are under an obligation to provide each party involved in the case, all documents that may be relevant.
Disputes after relationships end are uncomfortable but are a regular part of the separation process. If you have previously done some research on Alternative Dispute Resolution, you may have noticed that there are a lot of different types of Alternative Dispute Resolution.
Virtually all property you’ve accumulated during your marriage should be included for division between the parties. We can help you gather everything you need. To make sure you get what you are entitled to the first step is to know what’s really in the property pool. To do this you need to gather any documents related to your assets or liabilities.
Depending on the size of the asset pool and your ex's cooperation, a judge working out how property gets split is usually not going to be an excellent outcome for either party. The best result is by a negotiated settlement with the assistance of an experienced family lawyer, and this avoids the cost and uncertainty of court orders.