Knowledge

When negotiating a property settlement with your former spouse, it is important to consider any potential Capital Gains Tax (“CGT”) implications.

Some people may worry that when they enter into a relationship they will be classified as de facto, which in turn has an impact on whether they may be exposed to a claim for a property settlement or maintenance upon the breakdown of a relationship.

Recently, the Australian Institute of Family Studies (‘AIFS’) released an Evidence Summary of a study it had conducted in relation to post-separation parenting outcomes. The Evidence Summary provides very interesting statistics regarding family law parenting outcomes that cast some light on the process. While statistics do not always tell the whole truth, they can indicate trends in the family law parenting process that may be helpful when determining the best course of action in your case.

On 1 March 2009, Part VIIIAB was inserted into the Family Law Act 1975 (Cth) (‘the Act’) which provided for Australian de facto couples to have their financial matters dealt with upon the breakdown of their relationship under the Australian family law system. The main effect of the amendments was to the mirror Part VIII of the Act, which covers financial matters between married couples.

In a family law matter whether it be in a lengthy litigation battle or attempting to settle matters outside of court, the most frequent issue that arises is not a question of law but of fact. Specifically, how much is a particular asset or liability worth. A valuation may then be required to resolve the dispute regarding the value of the item.

Introduction

Introduction

On American television shows and in movies, the term ‘pre-nup’ is often thrown about. You may be interested to know that there is actually no such thing as a pre-nuptial agreement in Australia. Rather, under Australian law, people can enter into a Financial Agreement at any stage of their relationship to deal with their financial settlement or financial support after the breakdown of the relationship.