Separated parties across the country are pondering the question of how to proceed with their property settlement. Should I hold or should I go? In the current environment there are a number of considerations to be taken into account.
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Top 8 Tips For Simplifying Your Financial Separation
There are many sources for information about your legal rights following separation. Well-meaning relatives, friends and some lawyers whose specialty is not family law may give you advice about your issues. However, problems arise because the law and procedure can be complicated and your friends’ solutions are unlikely to have factored in your unique situation.
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Sexually Transmitted Debt: The STD that’s more common than you think
Sexually transmitted debt is when you become liable for your partner’s debt as a result of the breakdown of your marriage or de-facto relationship, rather than a conscious knowledge or acceptance of the debt.
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The Misconception: My Ex cheated, so I’m keeping the House
In Australia, Individuals wanting a divorce are no longer required to prove their ex-partner has committed a matrimonial offence. Much to the disappointment of those whose relationships have ended as a result of a spouses’ wandering eye…infidelity does not impact the share of property you are entitled to receive.
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Short Marriages – What will I get?
Family lawyers are often asked about the share of property a party will be entitled to at the end of a short relationship, especially where one party has substantial assets at the start and makes overwhelming financial contributions.
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Divorce and Capital Gains Tax
People tend to negotiate a property settlement following a relationship breakdown or divorce with little consideration to capital gains tax (CGT) issues on the disposal of assets. This can often happen when the parties own a family home together with an investment property and they each retain a property.
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Lotto Wins
The recent large prize pools offered in Australian Saturday Lotto ($30 million), OZ Lotto ($40 million) and Powerball ($35 million) bring into question how the Family Court deals with Lotto wins in property proceedings.
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Binding Financial Agreements – Dead or Alive??
Earlier this week, the High Court handed down its decision in the matter of Thorne & Kennedy [2017] HCA 49. This case was an appeal from a decision of the Full Court of the Family Court of Australia regarding the enforce-ability of pre-nuptial and post nuptial agreements in certain circumstances.
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‘For Richer, Divorce For Poorer’ – The financial cost of Divorce
AMP released an income and wealth report in December 2016 titled “For Richer, Divorce For Poorer” outlining the financial impact of divorce on home ownership and a separated individual’s financial position after separation.
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Loan or gift? A Perennial Problem
During the course of a relationship, it will occasionally transpire that the family or friends of one of the parties to the relationship will provide the couple with money. This can be in the form of a gift, or it can be a loan. Obviously, if the money is a gift, there is no expectation that it will be repaid. If the money is a loan, the reverse is true. Usually, in circumstances when money is loaned, a security is
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