Dividing property after partners separate is generally stressful, with each party concerned about his or her financial future. The bankruptcy of one party adds a further dimension of complexity to a property settlement. <a href="https://www.klimekwijay.com">Klimek & Wijay Family Lawyers</a> can assist you with your property settlement.
The steps involved in determining how property is divided after the breakdown of a relationship generally include: <ul> <li>identifying the assets, liabilities and financial resources of the parties;</li> <li>assessing the parties' financial and non-financial contributions;</li> <li>evaluating the parties' respective future needs;</li> <li>determining a financial settlement that is, in all circumstances, just and equitable.</li> </ul> This is the process a Court takes in making property orders and also the approach usually adopted when negotiating a financial settlement. It is important to note that many matters are resolved without litigation and, of those litigated, many are resolved without the need for trial. <a href="https://www.klimekwijay.com">Klimek & Wijay Family Lawyers</a> can assist you with your property settlement.
When starting a legal case, you must ‘serve’ the party against whom you are proceeding with the necessary documents. Service is an important first step in any legal matter to ensure the other party is provided the information relevant to the case, and an opportunity to respond. It is particularly important when the person served is not required to attend Court, which is often the case for a divorce hearing. In family law matters it can be difficult to serve documents when the other party resides overseas, cannot be located, or deliberately avoids service. <a href="https://www.klimekwijay.com">Klimek & Wijay Family Lawyers</a> can assist you with serving documents to your ex.
The coronavirus (COVID-19) has triggered a domino effect on the world as we knew it, causing many of us to reconsider current and future plans. For those involved in a family law financial property settlement, it presents issues that may now need to be considered or revisited.
Surrogacy is the process involving a substitute mother bearing a child on behalf of another person or persons. Altruistic surrogacy arrangements are legal in Australia and can provide benefits for all concerned. Those unable to conceive are given the opportunity to parent a child and the birth mother brings that child into the world.
A financial agreement is a contract that deals with the division of a couple's assets after they separate, or in the event that they separate. They may be made before or during a marriage or de-facto relationship, or after it breaks down.
If you’re in the unfortunate situation of going through a break-up you have probably heard all sorts of ‘advice’ from well-meaning friends and family.
Most property settlements are reached through negotiation, without the need to attend Court. Agreements reached can then be formally documented through means including a binding financial agreement or consent orders. As a last resort, the parties may need to initiate Court proceedings whereby orders will be made regarding the division of the parties’ property. No matter how a property settlement is reached, it is important to be aware of the financial impact of the proposed agreement before finalising it. Family lawyers often recommend working with a financial advisor to ensure a property settlement delivers an optimum financial outcome for the client. We explain below some of the benefits in working collaboratively with a financial advisor and lawyer.
Separating couples involved in a family law property settlement are often under emotional and financial pressure. When one or both parties are involved in a business, this can add additional stress and complexity to the division of property. A business interest, whether held individually or jointly, through a partnership, company or trust, forms part of the asset pool and must be accounted for when dividing property. A formal valuation for the business can help provide clarity and assist the parties to negotiate a financial settlement.
Many couples separate on amicable terms or may put aside their differences sufficiently enough to resolve matters between them pragmatically. They may then choose to make informal arrangements regarding the division of their property. However, the failure to legally document a property settlement is almost always unwise for many reasons, not least of which is that either party remain open to pursue an outcome through the Family Court.