Tag: Property Settlement

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...

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 [caption id="attachment_17778" align="alignright" width="350"] Property settlement[/caption] It is a common misconception that both parties to a property settlement will receive a 50/50 split...

The experience of going through a divorce can feel stressful and overwhelming for many couples. For these reasons, the divorce process in QLD is designed to be as straightforward as possible. To illustrate that the process is not as daunting as it may seem, we have created a step-by-step guide to help you and your spouse navigate the process successfully. BEFORE YOU FILE A DIVORCE APPLICATION, CONSIDER THE FOLLOWING ISSUES [caption id="attachment_17716" align="alignright" width="350"] Divorce Process in QLD[/caption] What type...

The Kennon Principle- Kennon & Kennon [1997] FamCA 27; (1997) FLC 92-757 (“Kennon”). Violent Conduct & The Effect On Property Issues. [caption id="attachment_13897" align="alignright" width="350"] Violent Conduct & The Effect On Property Issues[/caption] Where 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...

A common question asked in Family Law is who is 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...

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...

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...

Divorce property settlement examples Australia: Following the recent separation of billionaires Bill and Melinda Gates after 27 years of marriage, it has been reported that the couple chose to separate amicably and to privately negotiate their property settlement outside of the Court and public eye.  Upon the breakdown of a marriage or de facto relationship, parties can either negotiate and formalise a property settlement agreement privately (either by way of Consent Orders or a Binding Financial Agreement) or they can...

There are two (2) very important Statutory Time Limits in property settlements that are critical for family law matters which clients should be aware of. These are summarised below: [caption id="attachment_11527" align="alignright" width="305"] Statutory Time Limits in Property Settlements Australia[/caption] After a Divorce Order has been granted, parties have twelve (12) months from the date of the Divorce Order to commence Court proceedings seeking Orders for property settlement and/or spousal maintenance.  Following the breakdown of a de facto relationship, parties have...

Mental Health and Family Law Separation is one of the most significant life events a person can experience. Worry, anxiety, and stress over the uncertainty surrounding the arrangements for the children, money, and a property settlement division can be extremely difficult to cope with under challenging circumstances. [caption id="attachment_11521" align="alignright" width="336"] Mental Health and Family Law[/caption] It’s therefore important that you prioritize your mental health and wellbeing during this time. Talk to your friends or family members for support. Take...

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...

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...

Marriage Separation Process in Australia (Marriage, Families and Separation Brochure, Certificate) Marriage Separation Process in Australia or in your family. What does it mean for you? Have you clearly thought it through? This could be one of the most traumatic experiences a family will face. Family Separation can be devastating for everyone involved. How well you handle a separation will impact on how well you and your family cope now and in the future. Are the traumas and conflicts that...

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....

Some Common Family law Misconceptions Family law covers a whole spectrum of situations and legalities, and everyone’s circumstance is a little different. While there are definite laws in place, there are variations on these laws depending on the particular situation they are being applied to. Because the area of family law is so vast, many people harbor some common misconceptions about how family law works, and in many cases believe certain outcomes are rigid when they’re not. Let’s take a...

Preparing For A Conciliation Conference? For a conciliation conference, you must exchange information with each other and provide information to the Court before the conference. So that you and your former partner make the best possible use of the conference, In a case about financial issues, each party must have exchanged copies of relevant financial documents with the other parties at least two days before the Case Assessment Conference. If the following documents were not exchanged prior to that conference,...