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What Other Kinds of Property Would You Need to Seek Final Orders About in Order to Bring All Financial Concerns Between the Parties to an End?

Family law is a complex arear of law with many “hidden” processes to get through for parties to finalise their property and financial affairs.

When a marriage or de-facto relationship is over, the financial ties between the parties need to be finalised.  For instance, if there is a jointly owned house, it needs to be decided what happens to the house.  It may be that the house is sold, or one party may be able to take it over and, if necessary, “buy” the other party’s interest.

To finalise the financial and property affairs, separated parties need to have Property Settlement to finalise the financial ties with their ex-partner. Our team of experienced family lawyers at Meredith Lawyers can assist with that process.

If the parties do not finalise their financial relationship, either party may come back at the other down the track and make a claim for property settlement. If this happens, the Court does not look at the property at the date of separation, they look at it at the date of proceedings, and, if it makes it all the way through the Court process, at the date of Trial.  Therefore, there are situations where property or debt acquired after separation by one party is brought into the property pool.  Examples of this are real estate or assets acquired after separation (even with another person), increases in superannuation and savings, and increases in the value of the former matrimonial home.

Where one party inherits an amount of money or has a lottery win after separation, but prior to a formal property settlement-taking place, the inheritance or lottery win can be included in the property asset pool for the Court to consider.

There are also practical issues which need to be addressed after separation such as, who is responsible for the mortgage payments, personal loan, or credit card payments.

What is Property?

Property includes all the assets under the ownership or control of either or both parties to the relationship. This includes real estate, interests in businesses and companies, trusts superannuation, shares, money in bank accounts, motor vehicles, boats, antiques, jewellery or artworks and so on. Interests or entitlements in trusts may also form part of the property pool.

In addition, there are some financial resources that one party may have access to that a Court can also consider.  Examples of financial resources can be interests in deceased estates and interests in family trusts.

Some of the other kinds of property that a party would need to seek final orders about to bring all financial concerns between the parties to an end include:

Other factors that need to be addressed when finalising orders are tax costs, which influence the property pool available for distribution.

Rollover relief can apply where:

  • An asset is trans­ferred pur­suant to a Finan­cial Agree­ment or court order; and
  • Own­er­ship is trans­ferred from one spouse / par­ty to anoth­er or from a company or trust to a spouse / par­ty to the relationship.

In finan­cial fam­i­ly law cas­es, lia­bil­i­ty for CGT may be tak­en into account when deter­min­ing the val­ue of a par­tic­u­lar asset.

The divorce lawyers at Meredith Lawyers can provide you with practical guidance on what you are entitled to which, in turn will help you to reach an agreement sooner. For more information on divorce and separation, please contact our experienced specialist today on 1300 537 306

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