How your property interests & finances are affected by family law matters
The Family Law Act gives the court the power to alter property interests between separating couples. It therefore makes little difference whose name an asset or liability is in, as ultimately it can be changed by the court. Property may have been acquired before, during or after the relationship.
- A house or investment property;
- Gifts or inheritances received by either of you;
- Shares in any type of company;
- Assets and goodwill in a business (or partnership);
- Compensation payments;
- Lottery winnings;
- Redundancy payments; and
- Interests under a trust (depending on other factors).
The courts will also deal with superannuation although it does not fall within the category of ‘property’. The courts can redistribute superannuation between separating spouses. The court will also consider, but not adjust, assets called “financial resources”.
- Future expectation under a will;
- Unpaid long service leave;
- Future dividends or distributions from a trust; and
- Other benefits such as the use of a car owned by a company or another person.
Need a property settlement family lawyer in Newcastle?
We can assist you to ascertain all the assets and liabilities of both parties and advise as to how they should be allocated between you. We will need to spend time looking at the history of your relationship and will then be able to give you a clear indication as to what to expect from any property proceedings. We will then negotiate on your behalf and prepare all the documentation necessary to formalise the property settlement.