Parents must carefully consider their ongoing responsibility for school fees after divorce.
The cost of private secondary school fees – along with those at the primary schools that act as feeders for them – can cause complications even in intact relationships. When couples are separating or divorced, the question of who is responsible for what percentage of school fees can become significantly complex.
In a world where the internet and technology have progressed to a place where a relationship can be started with a simple ‘swipe’, ‘like’ or ‘snap’ on social media, it doesn’t seem too hard to believe that a relationship can breakdown over a ‘screenshot’ or ‘instant message’.
As the entertainment media lights up like a Christmas tree with headlines of the split of power couple ‘Brangelina’ and news that Angelina will file for divorce and ‘physical’ custody of their 6 children, many are left asking what this all means.
In Australia marriage is defined as “the union of a man and a woman to the exclusion of all others, voluntarily entered into for life”. When that union has broken down with no reasonable prospect of a reconciliation the law allows for a mechanism to dissolve the union. This is known as a divorce. A divorce changes your legal status.
Separating from your partner can be a painful and disruptive time. While many separated couples may want to distance themselves from each other, it is important to organise arrangements for your children (if you have them) and the division of your property.
In a recent appeal to the Family Court, it was determined that there is no binding rule for determining “special contributions” to a relationship. The Court decided that a wealthy couple should share their assets equally, despite the husband claiming that his special skills meant that he should have 70% of the assets.
Parents frequently provide their children with financial assistance to purchase a home or an investment property. Financial assistance provided by a parent to a child will be considered a loan or a gift for family law purposes.
In a recent case, the Plaintiff Donna Nolan separated from her husband and brought proceedings in the Supreme Court of Queensland separate to her proceedings in the Family Court.
On 30 July 2014 the Australian Taxation Office issued Taxation Ruling TR 2014/5 (previously released in draft form as TR 2013/D6) addressing the taxation effect of an order by the Family Court under section 79 of the Family Law Act 1975 for a private company to pay money or transfer property to a shareholder or their associate.
Binding Financial Agreements (or BFA’s) are intended to provide married and de facto couples with the power to avoid Court and divide their assets as they deem fit.
A BFA is a written document, prepared by lawyers, which regulates the financial matters between married or de facto couples. If both parties agree to the terms of the BFA, and it is drafted and signed off properly, it has the power to override the jurisdiction of the Family Court.