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If you are divorced, separated or contemplating separation you should seek legal advice as to your rights and entitlement to a property settlement.
Determining how income, assets, liabilities and financial resources are divided between you and your former spouse is a complex area of law.
A matrimonial or de facto property settlement in Australia is governed by the Family Law Act 1975 (Cth). Under the Family Law Act, “property” for the purposes of a property settlement does not just mean cash, cars and houses. It extends to assets owned overseas, a family business, a trust, shares in a company, superannuation, investments, loans payable to you, an award of damages from a personal injury claim, a redundancy payment, the list goes on.
In some cases, negotiating a property settlement can be a relatively straight forward and rather painless exercise. In other cases, it can be complicated and stressful.
There are many factors to consider in a property settlement, including potential stamp-duty exemptions with respect to the transfer of property, superannuation splitting orders, capital gains tax consequences and time limits to formalise an agreement or apply to the court for a determination if an agreement can’t be reached between the parties.
Even if your property settlement simply results in maintaining the status quo and you each retaining the assets and liabilities in your respective possessions, it is important you seek legal advice so that the settlement is formalised to avoid exposure to future claims.
So whatever your circumstances may be and before you make any decisions, seek legal advice and find out where you stand.
The Family Law Team at Connolly Suthers can provide clear and accurate advice as to your entitlement to property settlement while ensuring that your rights and interests are protected and the best outcome is achieved.