Family law connects with all areas of life. In particular, however, family law is intimately connected with your finances and your financial security.
Let’s state the obvious: family law proceedings are going to cost money. There are potentially long term and short term costs associated with family law depending on how your matter progresses and whether you need to attend Court. But don’t worry too much; there are also long term and short term gains to be potentially made through family law depending on your position.
Some things that family law might impact in the short term are:
- Stamp Duty exemptions
- Transfer of property and lump sum payments
- Windfalls such as inheritances or winning the lottery
- Financial Resources
Some things that family law might impact in the long term are:
- Child support
- Spousal maintenance
- Binding Financial Agreements
- Financial Resources
- Long Term Assets
Family law impacts on a range of financial situations, and it may impact on your situation now and into the future. If you are thinking of separating or have separated, it is important to consider how your income and financial resources may increase or decrease in light of this. Luckily for you, we have a whole month of blog posts on the way which will address many of the topics listed above! So keep your eyes open for a topic which relates to you in the coming month!
If you have a family law matter, concerns about your finances in light of a family law property settlement or questions about family law, please do not hesitate to contact us on 9688 6023 or email us at info@franklegal.com.au.
This article is provided to the reader for general information. It is not legal advice. It was written by Andrea Spencer & Emily Graham and edited by James Frank.
More from the blog:
5 ways to save in your family law property settlement matter
Attributing a value to your business in a family law property settlement
Finance, business and family law, family law property settlement, money and family law, family law property settlement in NSW