If you are separated or separating, it is important to consider how third parties may impact your family law matter. In this blog post, we will consider how your property settlement might be impacted if you are being supported by a third party.
Who is supporting you?
If you are being supported by a third party, it will likely impact your family law property settlement. Commonly, parties may be supported by their parents, independent children or a new partner.
Why does this matter?
Often, parties who receive third party support have minimal income and may be on government benefits. Beyond the requirement to disclose this support to the government, family law also requires you to disclose any support you receive from a third party.
If a third party is supporting you it may mean that you have more resources than you would otherwise have if you were not supported. As such, your third party supporter may be listed as a financial resource when drawing up a balance sheet of the property pool in question. Financial resources are counted against future needs. Consequently, your future needs may diminish since you have an alternative source of income.
However, it is important to realise that family law is more complex than just one factor. There are many other factors which may influence your family law property settlement or parenting matter if a third party is involved.
If you have a family law matter, concerns about third party support or questions about family law and separation in NSW and want to find out more 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:
The Impact of Third Party Support - Part 1
How Family Law might imapct your finances
Family law, Separation, Family Law Lawyer, Financial considerations, financial impact, child support, children