The law states that courts should make a clean break between the parties (as far as is possible). In making a property settlement, the decision should take into account all of the assets, liabilities and resources under the control of the parties to the marriage, including (but not limited to):
- Interests in trusts
- Contingent benefits and contingent liabilities
- how the property was acquired and which of the parties acquired it.
All property is considered regardless of whether it is held in the name of one or both of you, in a trust or a company, in Australia or overseas. Any agreement or order made is vulnerable to challenge if assets are undisclosed.
- Family law property settlement is the division of assets, liabilities and resources after the breakdown of a relationship
- Property settlements are a great opportunity for separating couples to restructure their financial affairs in a tax effective way
- Collaborative solutions