All parties want to achieve the best possible outcome for themselves when their marriage or relationship breaks down. As a result, coming to an agreement with your former spouse or partner about how to divide your assets can be one of the more difficult aspects. Many couples are able to resolve their financial issues out of court. We can advise you of the most appropriate approach for your personal circumstances. It is important for you to seek legal advice about the options available to you early to minimise the emotional and financial cost to you. Read more about the different dispute resolution processes.
Financial outcomes and third parties
Marriage and relationship breakdowns often involve third parties. Most commonly these third parties are banks, parents of one of the parties or the bankruptcy trustee. Third parties involved in family law matters should always seek expert family law advice. If you are a parent of one of these parties, you can read more about this issue by clicking here.
Financial provision for children
Where parents have separated, financial support of their children is a significant issue. There are a several ways of providing for children’s future financial support including a tax effective Child Maintenance Trust. Our expert family lawyers can help you deal with these financial issues, both in and out of court, to achieve the most favourable outcome for your children.
Financial provision for a spouse
Just because a couple separate does not mean that their obligation to financially support each other ceases. This obligation only ceases upon death, divorce or upon one of the spouses commencing a de facto relationship with another party. In some circumstances ending an obligation to financially support a former spouse may require a court order.
Damien Greer Lawyers can provide expert family law advice to you in this area.
Enforcement of Foreign Financial Orders
If you have divorced in another country is may be necessary for you to enforce an order regarding your property division in Australia. Alternatively, you may need to enforce such an order made in Australia, in another country. We can provide you with advice regarding either of these situations through our international family law services.
Tax and Family law
There is almost always a taxation consequence when dividing assets between you and your former spouse or partner. Sometimes a financial separation can provide an opportunity to obtain a taxation advantage for both parties or perhaps correct any taxation issues that may have existed during the marriage or relationship. A positive taxation outcome requires advice from experienced family lawyers who have this expertise. Failure to obtain this advice can leave one party with the unexpected shock of a very big tax bill after the financial and property issues have been finalised.
If you and your spouse or partner have an interest in a company or trust, it is even more important that you obtain expert family law advice. We have the necessary expertise to provide you with advice on taxation issues affecting the division of assets between defacto and married spouses.