Five Things you probably don’t know about Separation and Divorce
Family law and divorce law can be an unknown and daunting world for a lot of people. The knowledgeable team at Cairns Family Law Group answer some of the most commonly asked questions on separation and divorce.
1. If you reach an agreement with your ex-partner, the agreement will not be binding until a court order is made
For a property division to be legally binding, the court must make Orders (or you must enter in a binding financial agreement). If orders are by agreement, we call them consent orders. You do not have to step foot in a court room for the court to make consent orders. The consent orders are prepared for you and filed in the court by your lawyer. It is a relatively simple, quick and cost-effective process.
2. When dividing your assets, debts, and superannuation, the Court looks at your current property, not what you had at separation.
This is something that a lot of people find difficult to accept. If you put savings away after separation or if your super increases in value, the savings or increased super will be included in the property division. This doesn’t mean that you will not receive an adjustment in your favour for your hard work in increasing the value of your property after separation, but it largely depends on the circumstances. This is why at Cairns Family Law Group we encourage people to resolve their property division as soon as possible following separation.
3. It doesn’t matter whether the assets are in your name or your ex-partner’s name
If the business, house or bank account is not in your name, it doesn’t mean you are not entitled to it. Family law looks behind the registered owner of the asset. For example, if during a 15 year marriage, a Husband and Wife bought a house and started a business together, but both assets were in the Husband’s name, the assets would be included in the property division as if both Husband and Wife were the registered owners.
4. Assets are not always split 50/50
It is a widely held view that following a separation, assets and liabilities are split equally between the separated couple. This is not correct. There is no rule that assets must be divided equally. The division of assets are divided between separated parties based on many factors. Some of these factors include the length of the relationship, the financial contributions made by each person and each person’s ability to earn an income in the future. Each case is different so it is important to get advice on your particular circumstances.
5. Superannuation can be split in a property settlement
People are often surprised to learn that superannuation forms part of the property pool available for division upon separation or divorce. A “super split” in a property settlement can only be made by a court order or a financial agreement. It is very important that you get legal advice about splitting superannuation from a family lawyer. The orders are complicated and are best drafted by an experienced family lawyer.
For more information about separation and divorce book an appointment online with one of our lawyers.
