Can I have a piece of the pie now? - Partial property settlements in family law matters
When going through a separation, it is important that you and your former spouse formalise a final property settlement and take the necessary steps to ensure that your financial ties to each other are cut. However, the process of negotiating and ideally reaching an agreement for a property settlement, making it binding and then implementing the agreement can often take some time.
Collaborating with Professional Advisers to Reach a Family Law Property Settlement
Separations can often be quite complex giving rise to many issues that result in family lawyers needing to collaborate with solicitors in other practice areas (such as commercial or superannuation law), but we can also be greatly assisted by the parties’ professional advisers.
Family Law Practical Tips
Separation is not easy. In fact, separation is difficult whether it is your decision to separate or not.
There are many things to consider when contemplating separation or you have separated such as your health (including your safety and wellbeing together with any children), care arrangements for children, your financial stability both in the short term and long term and also interactions with your former partner or spouse.
Debts in Family Law matters
In a recent case of Cao & Trong (2022) FedCFamC1F 754 (4 October 2022) the Court considered debts of the parties which exceeded the value of the matrimonial asset pool available for distribution.
Business Valuations in Family Law Property Settlements
Business interests often form part of the asset pool available for division in a family law property settlement. It may be a business that has been built by one or both of the parties to the family law matter, such as a family business, or a business owned by way of a partnership or a company with third parties.
A guide to common family law terms
Relationship breakdowns and separations can be a stressful time as people navigate their parenting matters, property settlements and establish their ‘new normal’. Being involved in the family law system for the first time often means being exposed to a range of new terminology and legal jargon.
What date are assets valued at in Family Law Property Settlements?
Family law property settlement negotiations and court proceedings can often run for lengthy periods of time. Sometimes there are delays that are outside of the parties’ control. These delays can cause issues when it comes to the time for valuation of the parties’ assets.
Mediation in Family Law Proceedings
Mediation is a process that can be attended by parties to a family law dispute in an attempt to resolve their property and/or parenting issues. This article details what family law mediation is, why it is used and what the process is.