Tag: Superannuation

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...

Bankruptcy Act 1996 and Family Law Act 1975 - AustLII and Divorce Loopholes Under the bankruptcy act 1966 law, creditors are unable to claim against a person’s estate if that person has declared bankruptcy. However, there are certain situations where the bankruptcy act 1966 can be orchestrated to appear this way, so as to purposely avoid paying debts. Calls for Divorce Loophole Crackdown: Criminals Skirting the Law The recent case involving Michael Williamson, disgraced former Health Services Union Boss, highlights...

Family Law Act amendments from Federal Government The Family Law Act amendments occurred in 2002 to deal with superannuation. It gave power to the Court to deal with superannuation entitlements.   The amendments allowed the Court to transfer entitlements in the fund of one of the parties to the other.  The person receiving the benefit of the entitlement in the other party’s fund would keep that entitlement in the fund or roll the entitlement out into a fund of that party’s...