What Are You Worth in Your Property Settlement? That is (sometimes) the million-dollar question. In determining what a client is worth in a property settlement, we (and the Court) utilise a 4 step process. The 1st step is to determine the value of the net asset pool that is available for division between the parties. This includes adding up the value of all the assets (whether in one party’s name or joint names), taking away all the liabilities and then...
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 Is Responsible For Payment of School Fees and Extra-Curricular Activities Post Divorce? A major concern amongst parents who have children under their care is the payment and costs associated with extra curricular activities. As sport, music, dance, and other similar activities are popular with children of all ages, the costs associated with these can be quite significant over a long period of time. Unlike child support payments which are determined upon set criteria and formula, non-periodic payments associated with...
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, organising your affairs, and trying to get your life back on track, it’s easy to forget some of the...
Sentimental Value in Property Settlement In determining how the property pool is split, the Court has previously highlighted the difficult and sometimes unique circumstances where one party may have sentimental value in an asset. In one particular case, the Husband of the proceedings was given 14 days to retrieve the ashes of his deceased parents which had been laid in a memorial on the family farm. During the divorce proceedings, the farm had been awarded to the wife. Sentimental Value...
What if your Spouse is Entitled to Your Lottery Winnings? At one point or another, everyone has thought about the possibility of winning the lottery. But what happens to the lottery winnings if you are currently in a marriage? In the case of Elford & Elford, the court heard an appeal in relation to property settlement at the end of a relationship. In this case, Mr. Elford has won approximately $622,000 in the first 12 months of the couple’s marriage....
