Category: Financial Law

The relevant principles applying to financial agreements to determine the provision of independent legal advice to achieve compliance with s 90G and s90UJ of the Family Law Act. The Family Law Act 1975 (Cth) governs the binding nature of financial agreements between parties in Australia, with particular emphasis on compliance with sections 90G and 90UJ. Central to this compliance is the provision of independent legal advice, which safeguards the understanding and consent of each party. This legal advice must address...

The concept of exclusive occupation of the matrimonial home often arises in the context of disputes following the breakdown of a marriage. In a recent Family Court decision, the Court examined the principles guiding applications for one party to have exclusive possession of the former matrimonial residence. The power to grant such an injunction is derived from section 114 of the Family Law Act 1975 (Cth), which provides the Court with discretionary authority to make orders it considers "proper." [caption...

If you are in the process of separating and settling financial matters, it is vital that you understand the importance of providing and receiving financial disclosure to and from your former spouse. What is financial disclosure? [caption id="attachment_17974" align="alignright" width="350"] What is financial disclosure[/caption] In family lawfinancial proceedings, Rule 6.06 of the Family Law Rules imputes each party with a duty of full and frank disclosure. This means that you must provide to your former spouse all information financial relevant...

Matrimonial Home Principles which are Applicable to Sole Use and Occupation The principles to be applied in making an order for sole use and occupancy of the former matrimonial home pursuant to s 114(1) of the Act are to be understood in light of the observations about the general nature of the injunctive powers of this section of the Act. They may be summarised as follows: a) the Court may make such an order as it thinks proper; b) there are no words...

We are heading into uncertain times The impact of the war in Ukraine and the affect on our economy The high cost of living Rising interest rates Inflation How is this affecting me? Am I able to financially care for my family?  How is this affecting my partner and my family's relationship? Is the stress too much to bear? Hopefully, there is a solution But what if it becomes too much and causes a breakdown in your relationship with your...

Divorce and Property Settlement: Can you do one without the other? 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...

Understanding Spousal Maintenance and how it works? In property settlement matters some parties may be seeking that their partner makes a lump sum payment or for a particular period of time make ongoing payments by way of support.  It is important to understand that even if you do not have children with your former partner, you still may be required to pay to them a sum of monies (either in a lump sum or ongoing), which is known as “Spousal...

Binding Financial Agreements in De facto relationships If you are in a de facto relationship and cohabitating with your partner, entering into Binding Financial Agreements is the only protection you can have ahead of time to safeguard the assets you “walked” into the relationship with. This is particularly important if there is a large difference between your financial position and your partner’s financial position.  A Binding Financial Agreement during a de facto relationship, therefore, sets out how the property pool...

Binding Financial Agreement to be legally binding There are certain requirements that must be adhered to for a Binding Financial Agreement to be legally binding. If these requirements are not adhered to, the Agreement may not be upheld in the future if challenged. Here are some things to consider: Did you receive adequate legal advice? In the decision of Hoult & Hoult [2013] FamCAFC 109, the parties entered into a Financial Agreement before they were married. The Judge ruled that...

What is Binding Financial Agreement? A Binding Financial Agreement is a private contract between two parties in which they are effectively finalising property settlement and spousal maintenance issues outside of the Court. Binding Financial Agreements can be entered into: Before marriage; During marriage; After divorce;  Before cohabitation; or During cohabitation. The benefit of entering into a Binding Financial Agreement The benefit of entering into a Binding Financial Agreement is that the Court will not review the terms of the agreement...

Australian family law act determines your entitlements to property James Noble is a familiar face and expert family lawyers in Brisbane have suggested some way to get your Property by the Australian Family Law Act. If you are searching for legitimate advice before divide family property. This article can be a cool source to help you make the thing happen legally and by the Australian Family Law Act. The four-step approach of the Family Law Act which was adopted by...

They are property issues and superannuation. Superannuation Legislation for many years was not property under the Family Law legislation and the Court had no power to deal with it although the Court, to overcome this difficulty, made an adjustment to a party’s interests and in some cases extreme adjustments to compensate a party for the loss in the other party’s superannuation. The classic examples for high adjustments related to people in professions or employment where there were large superannuation interests...

Financial Settlement issues What Happens to Home Loans, Mortgages, and Properties After Divorce? One of the biggest concerns of parties whose marriage has broken down is what happens to financial settlement resources and debt during this process. When it comes to matrimonial assets, one of the main considerations is whether the party who resides in the main property has the capacity to maintain the residence during interim and final proceedings. Whilst it is important that the matrimonial home is maintained...

Who Liable to provide Financial help for single mums During Pregnancy? Financial help for single mums: What happens if you are pregnant and the father is no longer willing to raise the child or provide pregnancy financial assistance? Is the father still liable to pay relevant costs? Essentially, the answer is - yes. The biological father of a child is liable to Financial help for single mums During Pregnancy and also the costs associated with pregnancy and raising the child....

HELP! I've Got An Executor Dispute: Can I Remove an executor of a will? It is not uncommon for clients to raise they are frustrated with how the executor of a will is administrating a deceased person’s estate. These complaints typically arise from beneficiaries to a Will, being the category of person who benefits under the will. Before dealing with these issues, it is necessary to understand the nature of the executor of will, their position, and the responsibilities this...

What should you do if Family Law Matter makes Delay? Merging Family Courts and Early Senate Reports The current structure of the Family Court of Australia and Federal Circuit court of Australia have led to systematic backlogs of cases, with Judges required to hear a multitude of matters on a single day. This has led many parties who have proceedings before the Court to be frustrated, and rightly so. The planned merging of the Family Court of Australia (FCA) and...

If the Billionaire Kobe Bryant Died in Australia, Who Will get his Properties? If Kobe Bryant was an Australian, resided in Queensland, and died without a valid Will (“intestate”) the laws of Queensland would decide how his vast estate would be divided. Because he had a wife and children it would work like this; His spouse would receive the first $150,000 of his overall estate and all of the household furniture and chattels.  The remainder of his estate would then...

Property Valuation in Family Law Proceedings Commonly when two parties separate or divorce, the family home (also referred to as the matrimonial home) is typically the most valuable asset. As with most separations, one party moves out of the matrimonial home following the breakdown of the relationship, leaving questions of how much the house is worth? and which party owns it? Assets such as real property, which are generally the most fought over, require an updated valuation so the Court...

Binding Financial Agreement & Provisions of Family Law Act While binding financial agreement, Parties may wish to determine the ownership of their assets and liabilities whilst contemplating or living in a relationship (including same-sex relationships), contemplating entering into a marriage, during a marriage or after a divorce, may wish to set out terms in an agreement which determines how their property and liabilities should be determined should their relationship break down. Provisions in relation to Binding Financial Agreement came into...

What is a binding financial agreement? A Binding Financial Agreement is a private contract between two parties in which they are effectively finalizing property settlement and spousal maintenance issues outside of the Court. Also referred to as “pre-nups”, binding financial agreements are created between parties of a relationship or marriage to legally protect and allocate assets if the event the marriage ceases. Whilst many people believe planning for divorce before the marriage begins is controversial, a binding financial agreement is prudent estate planning, similar to...