What is a property settlement?In basic terms, a property settlement determines how much you and your spouse will receive after all of the assets, liabilities and superannuation are identified. The property, assets and superannuation are jointly referred to as the property pool, which is what will eventually be divided and distributed between the parties.
Common misconceptions It is a common misconception that both parties to a property settlement will receive a 50/50 split of the property pool. It is important to understand that each matter will be viewed independently because no two matters are the same. Marriage does not automatically entitle each party to an equal division of assets. The court will decide on a ‘fair and just’ division of the property. This decision will reflect the financial and non-financial contributions made by each person during the relationship. The court will also examine the future needs of the parties moving forward. So, what does the court consider? The court will likely apply section 79(4) of the Family Law Act 1975. These factors include the financial contributions made by each party at the beginning, during and after the relationship. Examples of these contributions include income, any inheritances and investments. The court will also examine any non-financial contributions made to the improvement of property, such as renovations, landscaping or interior design commitments. Finally, the court will look at the contributions made by each party in their capacity as homemaker, if relevant. These considerations include childcare, domestic duties and commitment to the family welfare. The court often views the financial and non-financial contributions as equal, acknowledging that raising children and caring for the home is just as important as earning an income. Over a long marriage, the court will often view the overall contributions, whether they be financial or non-financial, as equal. This is because both parties will have made significant contributions to the relationship in different but equal ways. In a shorter relationship, the court may take a different approach and attribute greater weight to contributions made by each party. However, as discussed, the court has ultimate discretion and each matter will be different. The court will also look at section 75(2) of the Family Law Act 1975. This provision enables the court to consider any further factors that may be relevant in determining a property settlement. These factors include:
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Family law property settlements can be emotionally charged and complex, often requiring a delicate balance between legal expertise and empathetic understanding. In Cairns, the process of reaching a fair and equitable resolution is often facilitated through mediation. This blog explores the significance of family law property settlement mediations in Cairns, shedding light on the benefits of this alternative dispute resolution method and the unique considerations in this tropical Australian setting.
The Importance of Mediation Mediation serves as a crucial tool in family law property settlements, providing a platform for separating couples to negotiate and communicate effectively. Cairns, with its serene surroundings, creates an atmosphere conducive to fostering constructive conversations, promoting a more amicable resolution. Mediation allows parties to take an active role in shaping the outcome of their property settlement, rather than leaving the decision solely to the court. Empowering Couples Through Communication Effective communication is the cornerstone of successful mediation. Cairns’ tranquil environment can provide a conducive backdrop for open and honest dialogue, encouraging parties to express their needs and concerns. Skilled mediators in Cairns work to create an environment where both parties feel heard and understood, paving the way for compromises and mutually beneficial agreements. Understanding Unique Cairns Considerations Cairns, known for its unique cultural diversity and regional nuances, presents specific considerations in family law property settlement mediations. The value of properties, the cost of living, and the economic climate may differ from metropolitan areas, influencing the negotiations. Mediators well-versed in the local landscape can navigate these factors adeptly, ensuring that settlements align with the specific needs and circumstances of families in Cairns. Balancing Legal Expertise with Compassion Mediators in Cairns recognise that family law property settlements involve more than just financial assets. Emotional ties to the family home, sentimental belongings, and the overall well-being of each family member are critical considerations. The mediation process in Cairns prioritises a compassionate approach, acknowledging the emotional toll of the separation and guiding families toward resolutions that address both legal and emotional needs. The Role of Neutrality in Cairns Mediations Maintaining impartiality is a key principle in family law property settlement mediations, ensuring that the process remains fair and just. In Cairns, mediators act as neutral third parties, facilitating discussions without taking sides. This neutrality fosters an environment where both parties can trust the process and work towards a settlement that reflects their individual and shared interests. Efficiency and Cost-Effectiveness Family law property settlement mediations in Cairns are known for their efficiency and cost-effectiveness compared to protracted court battles. The laid-back atmosphere of Cairns can contribute to a more streamlined mediation process, enabling parties to reach agreements in a timelier manner. This efficiency not only reduces the emotional strain on the individuals involved but also minimises the financial burden associated with lengthy legal proceedings. Family law property settlement mediations in Cairns embody a unique blend of legal expertise and compassionate understanding. The serene tropical setting provides a backdrop for constructive dialogue and empathetic negotiations. By prioritising effective communication, local considerations, and the well-being of all parties involved, Cairns mediators empower families to navigate the complexities of property settlements with grace and resilience. In this vibrant Australian city, the mediation process not only resolves legal disputes but also contributes to the preservation of community harmony and the overall well-being of families in transition. For further information about mediations in Cairns, contact the Brisbane or Cairns family lawyers team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced Family lawyers in Brisbane or Cairns. Find us on Google Maps: Expert Family Lawyers in Brisbane. Devoted Family Lawyers in Cairns. Skilful Family Lawyers in Milton on Google Maps. Find Brisbane family lawyers on Google Maps near you You may also like to know more information about the
Property proceedings – Family Court of Australia – Full Court
Property proceedings – Family Court of Australia – Full CourtBarnell & Barnell [2020] FamCAFC 102 This case looked at the principles relevant to the assessment of contributions determining property proceedings pursuant to s 79 of the Family Law Act 1975 Applicable principlesIt is well-settled by the authority that the assessment of contributions under s 79 of the Act is not a mathematical exercise. Evaluating Disparate ContributionsContribution, either direct or indirect and financial or non-financial, to any of acquisition and/or conservation and/or improvement to property (whether or not such property has ceased to be held) or to the welfare of the family or children, falls for consideration. No order of priority is attached to individual elements. The evaluation occurs often with respect to such disparate kinds of contribution made over a substantial period. Such evaluation, having regard to its subject matter, inevitably involves value judgments and matters of impression. It follows that the assessment involves matters of estimation and is not, and cannot be a mathematical exercise. No amount of devotion to mathematics is capable of transforming a discretionary exercise involving many component parts, each mostly unamenable to precise computation, into one of aggregating separately finely calculated components to reach an overall outcome. As part of the process of ultimately determining just and equitable orders under s 79 there is included a complex of discretionary assessments and judgments of many components of contribution, only some of which are capable of measurement in money terms and then often only in historical, rather than present, money terms. Any dictate to the effect that in the course of assessment each disparate component part or kind of contribution must be assigned a discrete and identifiable value or percentage is antithetical to the nature of the discretion involved Regard must be had to the use made of contributions of various types so as to compare the contributions made by each of the parties during the course of, and over the length of, their relationship But that is an entirely different proposition to, as it were, causally linking contributions with their asserted financial “product” or “value”. The former recognises that the nature, form and extent of contributions made by each of the parties might differ; the latter suggests that the absence of a causal link counts as no contribution at all. Causal Link and Financial Contributions Property proceedings – Financial contributionsThe search for a causal link might be seen to come instinctively to the necessary inquiry and all the more so when regard is had to s 79(4)(a) which refers to financial contributions made “directly or indirectly” “to the acquisition, conservation or improvement of any of the property” and goes on to also refer to the financial contribution made “otherwise in relation to any of that last-mentioned property”. The terms of that subparagraph might, naturally enough, be seen to suggest a causal link between those contributions and the “financial product” which those contributions of that type are said to have produced. That same requirement might also be seen to suggest that relevant contributions of that type can be seen to be quantifiable — or, at least, conceptualised — in monetary terms, in contradistinction to contributions made pursuant to s 79(4)(c). While that apparent “causal connection” might be seen in s 79(4)(a) (and (b)), no such connection is apparent from the terms of s 79(4)(c); contributions of that latter type are not linked by the words of the subparagraph to the “acquisition, conservation or improvement of any of the property” or, indeed, to “property” at all. Amendments to the Family Law Act were specifically intended, relevantly, to remove any suggestion that there needed to be a causal link between contributions of that type and any particular asset or property to remove the possibility of an interpretation of the sub-section requiring that there be a nexus between a spouse’s contribution and a specific item of property in section 79 proceedings Within that context, then, it is self-evident that financial contributions (whether direct or indirect) can be made to a relationship that have an effect on the property of the parties without those financial contributions finding their way directly into, or being directly linked to, specific property or, indeed, directly to the totality of the property available for distribution. Financial contributions can be made to the “acquisition, conservation or improvement” of property “directly or indirectly”. A financial contribution can be made indirectly by, for example, the use by parties of income or assets for purpose A freeing up the use of other income or assets for purpose B. Moreover, a particular financial contribution might have been used wholly in discretionary expenditure which, but for that contribution, would not have been available to the parties or would have required borrowings or a diminution of capital. Such a contribution can also, in that way, be seen, for example, as an indirect contribution to the conservation of property. Any and all such contributions, whether or not they sound in, or are directly linked to, the property available for distribution, should be considered and assessed together with the nature, form and extent of all other contributions of all types contemplated otherwise by s 79(4). That is true of assets or income generated within the relationship and it is equally true of assets or income coming from outside of the relationship (for example in the form of inheritances). In the same way, s 79(4) specifically requires the court to take into account contributions made to the welfare of the family notwithstanding that those contributions may not be, or cannot be seen to be, directly linked to the available property at trial, or any increase or decrease in the value of the property. Property proceedings Court contributionsPut another way, the s 79 discretion involves as a necessary requirement that trial Judges weigh and assess the contributions of all kinds and from all sources made by each of the parties throughout the period of their cohabitation and then translate such an assessment into a percentage of the overall property of the parties or provide for a transfer of property in specie in accordance with that assessment. Those same principles can be expressed as saying that the requirements of the section are met by approaching the assessment of contributions holistically and by analysing the nature, form, characteristics, and origin of the property currently comprising that to which s 79 applies, and, in turn, analysing the nature, form and extent of the contributions (of all types) contemplated by s 79). That task is also undertaken by reference to the nature and form of the particular marriage partnership manifested by the particular circumstances of a particular marriage. Is it, for example, a relationship “where the parties have adopted the attitude that their marriage constituted a practical union of both lives and property” or is it, for example, a union where parties lived very separate domestic and financial lives? It can be seen that those reasons, evidence a “global approach” to the assessment of contributions. Within the context of such an approach, a broad assessment is made of the contributions of all types made by both parties across the whole of the period of a very long marriage. There is no error of itself in considering separately any such contributions: subparagraphs (a) and (b) of s 79(4) each refer to, relevantly, indirect contributions made to “any of the property of the parties to the marriage or either of them, or otherwise in relation to any of”. However, there is a danger in doing so. Isolating indirect contributions to but one part of the property interests of the parties in the context of a global assessment of contributions risks ignoring significant contributions made by both parties that do not have a nexus with that particular property. Need Legal Help?If you need help, please contact the Brisbane Family Lawyers team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane. Find family lawyers Brisbane on Google Maps near you. You may also like to learn more about:
Partial Property Distribution
Partial Property DistributionSections 79 and 80(1)(h) of the Family Law Act confer power on the Court to make orders for an interim property settlement including for litigation. Funding The relevant legal principles that apply are as follows:(1) Section 79 confers a discrete power to make orders for property settlement and the Court may exercise that power through a succession of orders until the power is exhausted or until a final order dealing with all the known property of the parties is made: (2) Section 80 is not, in itself, a source of jurisdiction for such an order to be made. Rather, that section is an “enabling provision” that provides various ways in which the general power in s 79 may be exercised This includes, by s 80(1)(h) of the Act, the making of a permanent order, an order pending the disposal of proceedings or an order for a fixed term or for a life or during joint lives or until further order. (3) There are two stages to the hearing of an application for interim property adjustment orders: (a) The first stage is a “procedural step” which requires an analysis of whether the circumstances of the case trigger the Court’s power to invoke s 80(1)(h) to make an order for partial property adjustment. At this stage, the overarching consideration is the interest of justice. (b) The second stage is the “substantive step” where the provisions of s 79 must be considered and applied, but with limitations, given that it is not the final hearing. (4) The overriding consideration at all stages of the process is that the Court is satisfied that it is “just and equitable” to make the order in circumstances before the Court. (5) There is no barrier or threshold requiring an applicant to establish “compelling circumstances” at either the first or second stages of the Court’s consideration. (6) While the usual s 79 considerations apply to the second substantive step in the process, a detailed analysis of those considerations is not required at an interim hearing. (7) In evaluating an application for a litigation funding order, it is appropriate to have some regard to the fact that, in family law proceedings, one party may have the predominance of resources. (8) In that respect the authorities are quite clear that, wherever possible, the Court should endeavor to even out the playing field between litigants where one party has predominant control of and access to the matrimonial property pool. (9) In the context of interim property orders, It is a situation where one party to the marriage controls almost exclusively what might be described as the wealth of the parties and has control of the bulk of the assets and funds of the parties, where an order may be made to ensure that the other party, who does not have the fortune of controlling those funds, at least has an equal or near equal opportunity to present his or her case. Partial Property Distribution It is not possible, in interim proceedings, to undertake an extensive analysis of the parties’ evidence, in respect to those matters that the Court is required to consider pursuant to s 79(4) of the Act. It is, nonetheless, necessary for some consideration to be given to those matters, primarily for the purpose of the Court being satisfied that, at the final, a party is likely to receive, by way of final orders for property adjustment, an amount which is at least equivalent to the amount of property that he/she is seeking by way of interim property distribution. Care must be taken not to potentially defeat any parties claim or legitimate expectations in a final hearing, including the fact that a party should not be required to liquidate an asset reasonably sought to be retained in the final hearing. Need Legal Help?If you need help, please contact the Brisbane Family Lawyers team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane. Find Brisbane family lawyers on Google Maps near you. You may also like to learn more about:
Matrimonial Property Concepts And PrinciplesSection 114(3) of the Family Law Act relevantly provides that:
A court exercising jurisdiction under this Act in proceedings other than proceedings to which subsection (1) applies may grant an injunction, by interlocutory order or otherwise (including an injunction in aid of the enforcement of a decree), in any case in which it appears to the court to be just or convenient to do so and either unconditionally or upon such terms and conditions as the court considers appropriate.” Summary of Liu v Xiao CaseIn respect to the relevant legal principles in determining whether the Court should make orders or grant injunctions for the preservation of property were summarised by Hume J in the case of Liu v Xiao (2018) NSWSC 1401 at [7]. Legal Principles for Granting Injunctions of Matrimonial PropertyAn applicant must establish, first, a good arguable case and, second, a risk that any judgment will go unsatisfied by reason of a party dealing with their assets to place them out of the reach of the other party. It must be shown there is a risk, not a mere assertion that a party may dispose of or deal with his/her assets in such a manner as to leave any judgment unsatisfied. It is not necessary to prove that a party has a positive intention of embarking on that course. The quantum of a freezing order ought not be fixed at a sum greater than that which Plaintiff would potentially or likely recover. In summary, an applicant for such an order must establish, firstly, an arguable case, and, secondly, that there is a risk that, if the order is not made, a judgment will go unsatisfied by reason of the other party having dealt with their assets to place them out of the reach of the applicant. In terms of that second element, it must be shown that there is a real risk of that occurring, rather than a mere assertion that the defendant may dispose of, or deal with, their assets in such a manner. It is not necessary for a party to show that the other party has a positive intention of evading a judgment, and it is sufficient to show that the course on which the respondent proposes to embark is, objectively speaking, calculated to have that effect. A party seeking the injunction must establish, by evidence and not a mere assertion, that there is a real danger that by reason of the respondent absconding or otherwise dealing with assets, the applicant will not be able to have its judgment satisfied. The mere assertion that a party was likely to put assets beyond the reach of the other party is inadequate. The party seeking the injunction has the onus of establishing that there is a real risk that the other party will deal with the assets of the matrimonial property pool in such a manner that raises a real risk that the Court will be unable to do justice between the parties at a final hearing. Need Legal Help?If you need help, please contact the Brisbane Family Lawyers team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane. Find family lawyers Brisbane on Google Maps near you. You may also like to learn more about:
Violent Conduct & The Effect On Property Issues.
Violent Conduct & The Effect On Property IssuesWhere there is a course of violent conduct by one party towards the other during the marriage which is demonstrated to have had a significant adverse impact upon that party’s contributions to the marriage, or, put the other way, to have made his or her contributions significantly more arduous than they ought to have been, that is a fact which a trial judge is entitled to take into account in assessing the parties’ respective contributions within Section 79 of the Family Law Act. (Alteration of property interests. In property settlement proceedings, the court may make such order as it considers appropriate.) These principles should only apply to exceptional cases.It is essential to bear in mind the relatively narrow band of cases to which these considerations apply. To be relevant, it would be necessary to show that the conduct occurred during the course of the marriage and had a discernible impact upon the contributions of the other party. It is not directed to conduct which does not have that effect and of necessity, it does not encompass conduct related to the breakdown of the marriage (basically because it would not have had a sufficient duration for this impact to be relevant to contributions) The principle only applies to a “relatively narrow band of cases”. There is a necessity for a party to demonstrate that the course of conduct had a significant adverse impact upon a party’s “contributions”, or to have made such “contributions” significantly more arduous than they ought to have been. Where there is an allegation of domestic violence it is necessary for a party seeking to establish:(i) The incidence of domestic violence; (ii) The effect of domestic violence; and to adduce evidence to enable the Court to quantify the effect of that violence upon the party’s capacity to contribute within the bounds of contributions considered pursuant to Section 79. (Meaning of contributions-Refer below) There needs to be an evidentiary nexus between the conduct complained of and the capacity (and or effort expended) to make relevant contributions and, depending upon the nature of the violence established, in the absence of express evidence, about the effect that violence had on the victim spouse’s contributions. The relevance of contributions in Section 79 of the Family Law ActThe Court when considering what order (if any) should be made in proceedings with respect to the property, the Court considers:
If you need help, please contact the Brisbane Family lawyers team at James Noble Law today for a FREE, no-obligation 20-minute consultation. To schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane. Find Brisbane family lawyers on Google Maps near you. You may also like to know more information about the
A common question asked in Family Law is who legally entitled to the matrimonial home during separation?
It is not as simple as one party kicking the other party out of the home What be done if the property is in your name or What if the property is owned by both parties? Property which is part of a Family law dispute has different rules to commercial and property law. Family Law the possession and ownership do not have the same weight in determining who is able to stay in the home. Both parties are equally entitled to live in the matrimonial home during separation – ownership of the property is not relevant. Either party at any point during separation can choose to leave the matrimonial home but no one can be forced to leave. This means you cannot make your partner leave and then once they are gone change the locks. It is important to note that this is handled completely different in domestic violence matters. What are your rights once you choose to leave the matrimonial home during separation? If you choose to leave the matrimonial home, during the property settlement you can still claim part of the property however, the property no longer becomes your place of residence, and you cannot just enter the property at your leisure. If you are choosing to leave the property it is important to take any important personal belongings that you legally own (individually or together, if agreed). You can make arrangements with your partner who is still residing at the matrimonial property to property to collect any belongings or if there are children of the relationship for changeovers. However, keep in mind that it can create conflict if you attend the property unannounced and can even lead to the other party applying for a domestic violence order. It is important to understand that if you have chosen to leave the matrimonial home you do not lose your right to the home or your possessions. If there are children in the relationship you should also consider whether it is in your children’s best interests to move them out of the matrimonial home. We advise seeking more information and legal advice on coming to an agreement about your children, such as a consent order or parenting plan. What can you do if your spouse won’t leave? If you and your partner cannot reach an agreement, you aren’t able to force your spouse out of the matrimonial property. Although both you and your partner can remain living in the matrimonial home until you reach a property agreement, we often do not recommend this as it can often lead to problems later down the track. Again, this is not necessarily the case if there are domestic violence proceedings on foot or Orders in place. Depending on your circumstances, in special circumstances, the Court can decide to make Orders which remove your spouse from the property. Making an application for the exclusive use of the matrimonial home? You can apply to the Courts seeking Interim Orders for your partner to leave the matrimonial home. This can be done by filing an “initiating application” or an “application in a proceeding” if you already have a case filed in court. You are also required to sign an affidavit which is a document that sets out true facts as a form of evidence to the Court. This is where you would set out the reasons for the Orders you are seeking and if any, evidence of your provable domestic violence. If you considering separating from your partner and you wish to discuss your next steps and property settlements contact the Brisbane family lawyer team at James Noble Law today for a free no-obligation 20-minute consultation to discuss your rights, options, and legal avenues available to you. To schedule an appointment with one of our Qualified and experienced Family lawyers Brisbane. Find Brisbane family lawyers on Google Maps near you. You may also like to know more information about the
It is a common assumption that parties have that you can not reach a financial settlement without being divorced and this is simply not true. For parties to reach a property settlement you and your spouse do not need to be divorced. Securing a divorce and obtaining a property settlement are considered two separate matters for example, a divorce is an Order which is made by the Court which terminates a parties marriage. A divorce Order is not inclusive of Orders which are concerning to the property of the parties and does not sever the financial ties of the relationship. A property settlement is entered into independently of a Divorce Application and does not need to coincide with a divorce. If a property settlement is reached prior to the parties divorce, settlement can be finalised by entering into Consent Orders. However, it is important to understand that if you and your spouse choose to apply for a divorce, and your divorce is granted, there is a time limitation of only 12 months from the date of your divorce to finalise a property settlement. Why it’s important not to delay a property settlement? The effects of a breakdown of a marriage are significant on the parties emotional wellbeing and it is usually in the interest of the parties for your property matters to be settled within a reasonable time after separating. Ideally, the parties should try and reach a property settlement within 12 months of separating. The longer parties delay addressing their property matter the harder it can become to reach an agreement. This is in part due to the changes in your asset pool which occurs over time. Under the Family Law Act the approach to property settlement is that all assets and liabilities of both parties (also referred to as the property pool/net matrimonial asset pool) are taken into consideration at the time the parties are seeking property ordersand not at the time of separation. It is extremely common that the value of assets post-separation varies and or additional property may be purchased by either or both parties. A new home which is purchased after separation, with post separation funds, and is in the sole name of one of the parties it would become a part of the combined property pool. Debt accumulated by one party post-separation is also taken into consideration and added to the parties property pool. To avoid property settlements become increasing complicated we recommend a parties property settlement being done as soon as possible. | For more information, please visit the main article source - Divorce and Property Settlement | Need Legal Help? To discuss the best approach to your property settlement and divorce please contact the team at James Noble Law for a free no-obligation 20-minute consultation today. Find Brisbane family lawyers on Google Maps near you. You may also like to know more information about the
Firstly, what is a property settlement?
When it comes to property settlement, Put simply, the division of assets when a relationship breaks down, enabling both parties to sever financial and material ties with one another so they can better move on with their lives, requires a property settlement. A property settlement will also include the distribution of liabilities, such as unpaid loans and credit card debt. Some confuse a property settlement with who gets the house, but there’s more to it than that. Let’s take a look at a few key points to keep in mind during the property settlement process. #1 – Understand the Process The very best way to understand the process of a property settlement and what your rights are is to seek legal advice as early as you can. Most married or de facto couples are not experts in the law, so the logical first step is to talk to a lawyer who specializes in family law. You’ll feel a lot more confident about the procedure once you gain more insight. #2 – Don’t Wait for the Divorce To Be Finalised It’s prudent to negotiate a property settlement as soon as possible after a relationship breaks down. You don’t need to wait for a divorce to be finalized before working out the division of assets and liabilities. The sooner a settlement is negotiated and agreed upon, the better and likely fairer it will be. If you increase your assets after the split and haven’t yet finalized a settlement, then those new assets can be made claim to in the property settlement, even though they were acquired after the relationship ended. #3 – Try and Be Reasonable Throughout the Process Often tensions are running high during a divorce or relationship break down, so thinking clearly and fairly is not always the easiest thing to do. However, it’s in your best interests to try and keep those emotions in check when working out a property settlement. Separation is stressful enough without unnecessary bickering over who gets what. It’s not always easy in these circumstances, but the fairer you are, the more likelihood of a civil and fairer split of the assets and liabilities. #4 – Formalise the Property Settlements Once a settlement has been negotiated and agreed upon by both parties, it should be legally recorded in one of two ways:
When you discuss the process with your legal representative, together you’ll be able to determine which way is best for your circumstances. Need Help and Legal Advice? Talk To An Expert James Noble Law in Brisbane is your local family law team of specialists when it comes to negotiating a property settlement. Our many years of experience means we fully understand the processes and can assist in obtaining a fair and just result for you. Give us a call and make an appointment today to discuss your rights under the law and your best options. For more information, please visit our website: Property Settlement Australian divorce law property settlement, How Your Ex Can End Up With Your Estate?
“Australian divorce law property settlement“, says A breakdown of a relationship can be one of the hardest times in a person’s life. During this time, individuals often undergo immense changes to routine, living environments, and lifestyle.In the midst of grieving, possibly moving to a new residence, organizing your affairs, and trying to get your life back on track, it’s easy to forget some of the smaller things that can have a drastic legal impact on your estate. Remembering to update your enduring power of attorney and will to reflect your new situation is vitally important to protect your estate and assets, ensuring that in the unlikely event of an accident, your property does not pass to your ex-partner. Enduring Power of Attorney on “Australian divorce law property settlement” An Enduring Power of Attorney or “EPA” is a document that provides another person with certain powers in the event you lose the mental capacity to make decisions. Hypothetically, if you were involved in an accident where you suffered serious brain damage or were in a coma, you would likely lose the capacity to make financial and other important decisions. In this situation, if you signed an EPA which gave your now ex-partner power of attorney, they would be able to control your assets and make decisions on your behalf. Wills and Intestacy If you were party to a serious relationship or marriage and have a will, chances are this document reflects your wishes for your estate to be left with your ex-partner. Even if this will does not leave property to your ex-partner, it may allocate them to be an executor or “administrator” of the estate, which would essentially place them in charge of the distribution of property. Depending on your relationship with your ex-partner, this could create several unnecessary problems for your family or children. Consequently, it is important to construct a new will following the breakdown of a marriage or relationship to reflect your current position, ensuring your property is safeguarded. For those thinking, “I don’t have a will, my ex won’t be able to do anything”, think again. In Queensland, the Uniform Civil Procedure Rules 1999 outline in the event a person becomes deceased without a valid will, the rules of intestacy will apply. In these events, the Court may grant Letters of Administration to a surviving spouse (which includes de facto partners) as a priority. This means, your ex-partner has priority to your property and assets in the event you pass away without a valid will. These intestacy rules specifically allocate $150,000.00 + household chattels + one-half or one- third of the estate’s residence to the spouse or de facto partner. This could mean your ex-partner receives a very large portion of your estate, even taking priority over your children. If you are seeking advice regarding divorce and family law proceedings, please let us know if your enduring power of attorney or will requires updating as well. Call us today on 1800 662 535 or email your queries at [email protected] to find out how our team of accredited family law specialists can finalize your family law matter to ensure your wills and the estate is protected. For more information, please visit the main article source: Australian Divorce Law Property Settlement |
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