One of the biggest issues for separating people is how will they distribute their assets, liabilities and superannuation moving forward?
The Court has power to adjust interests in property having regard to the circumstances of the marriage and necessity to do justice and equity.
It is critical to obtain independent-legal advice from an expert family lawyer before resolving property settlement issues in order to understand what you are entitled to.
The reasons for this are three fold:
- Firstly, the family law asset pool available for distribution is considered as at the settlement date and not the date of separation. This means all assets (and liabilities) acquired post separation can be included.
- Secondly, informal property settlements are not binding on the parties. Property settlement can only be achieved by way of an order or Binding Financial Agreement (“BFA”).
- Thirdly, transfers of property pursuant to an order or BFA may receive-tax concessions.-The tax concessions can relate to stamp duty exemption, Capital Gains Tax roll-over relief; and an opportunity to restructure your personal and business finances.
The law in relation to a property settlement is complex and you cannot afford to act on the basis of bad advice. Bad advice will likely translate into increased costs, increased delays in resolving your matter, and potentially under settling with your ex-partner.
At Hooper Family Lawyers we specialise in family law and matrimonial property settlements. Peter Hooper is a Queensland Law Society accredited specialist family lawyer with over 16 years’ experience in the law. We are family lawyers in Brisbane but we also service client’s interstate and overseas. With modern technology Brisbane family lawyers can act for people regardless of where they are situated.
We take an experienced and personalised approach to your family law property settlement matter.