A court declared that a husband and wife were to walk away with their own property after the breakdown of a 5-year marriage. This left the husband with $80,000 and the wife with $300,000. Under Section 79 of the Family Law Act 1975 (Cth), the court has...
Mr Calvin and Ms McTier were in a relationship that lasted approximately eight years. In January 2014, about 4 years after separation, the husband received an inheritance from his father’s estate worth $430,686. The Court had to decide whether the inheritance received by the husband was to...
After separation, a former couple usually needs to sort out the division of their assets and debts. They can choose to do so privately with no court involvement or to apply to the Family Court for formalised family law orders. The Court’s Requirements for financial family law...
One Melbourne couple together spent over $225,000 over a 26-month period in Court disputing settlement of property from their 19-month long marriage. This recent 2017 case showcases how bitter disputes between exes can blow up in court and waste time, money and dignity for the parties...
Do you keep financial secrets from your significant other? A survey by the credit tracking company Experian states that 1 in 6 newlywed couples keep financial secrets from each other. Financial secrets include hidden bank accounts, excessive spending habits or lying about debt. Family law experts state that...
After separation, a party may attempt to reduce the asset pool before they are going to divide the matrimonial property. They may do this by transferring it out of their name in order to 'protect' them from the property settlement. Disposal of property can occur by way...
We've all heard of the multi-million dollar Hollywood Prenups. But you don't need to be Brad Pitt or Angelina Jolie to get one. Regular Aussie couples can get them too. In Australia, we call them Binding Financial Agreements (BFA). They can protect a range of assets including...
There is a widely held belief that when a couple separates, they are automatically entitled to a 50% split of all property and assets. This may seem fair or unfair to you depending on the nature of your relationship, however, the laws in Australia take into...