Dividing your Property
Equalisation of Net Family Property
When your marriage ends, the Family Law Act provides for the division of your family’s Net Family Property. This requires you and your spouse to complete and compare your financial statements. The person with the higher net family property is required to make a payment of half the amount of the difference between the two amounts to the spouse with the lower amount of net family property. That means the higher worth spouse pays the lower worth spouse so that both walk away from the marriage with equal value
Sounds simple? It should be, but often isn’t.
One or both spouse’s reluctance to disclose financial information is one of the most challenging issues in the separation and divorce process. In addition, many people fail to consider tax consequences of their financial arrangements to their detriment
Division of Common Law Property
Practically speaking, Common-Law spouses are able to keep more of what he or she contributed to the relationship. Determining that value is the challenge.
Recent cases recognize that some couples intend to form a "joint family venture" during their relationships. That means they intended to enter into the same kind of joint economic, and social relationship that legally married couples do, but without the formal legal marriage. Consequently, their actions and the financial consequences of those actions during the relationship are considered to determine whether each of them should share assets and debts incurred by one or the other of them.
Seasoned counsel is required in these more complex property cases involving tax implications of payments and determining the existence and consequences of a joint family venture. We at Sterling Law are experienced in Equalization of Net Family and Division of Property issues and are prepared to guide you through this area with the meticulous care that is required.
We have well over 25 years of experience and understand what you’re going through.
We endure many hardships and make untold sacrifice for our loved ones. So when a separation or divorce occurs, we are wounded at the core. The bravest of us wither; we crumble; we become unable to perform our basic day-to-day activities, much less take on the legal system. At Sterling Law we understand. We are ready to address your situation now to ensure that you safeguard your family and property.
Not only do we understand the intricacies of all the issues involved; Equally importantly, we at Sterling Law understand that this is one of the most challenging times you’ll ever experience.