Costs of Settlement vs Cost of Litigation When Separating
We often advise on the benefits of settlement. Initial costs of settlement may seem high in the scheme of day-to-day expenses. However, these costs are dwarfed in comparison to the costs of litigation. With a separation, when looking to settle what exactly are the costs associated with settlement? A large portion of your costs will be associated with the drafting of a relationship property agreement. This agreement will provide a background of the relationship and separation.
DIY Relationship Property - What You Need to Know
Relationship Property DIY – It can be costly! As they say at Mitre 10: “DIY…it’s in our DNA!” But, when it comes to dividing relationship property following separation, DIY can be a costly mistake. The Property (Relationships) Act 1976 sets out the law relating to the division of property in the event of separation. It lays out the general expectation of equal sharing between couples. The Act also provides that couples can make their own rules relating to the division of prop
Wills - What You Need to Know
What is a Will? Your will is your last wishes detailing how you would like your assets to be distributed and who will look after the people you love. This legal document also specifies who you appoint to be responsible for carrying out these wishes when you are gone. Why do you need a Will? Everyone should have a valid will to ensure the management of your estate is handled with no complications and makes for an easy administration process following your death. If you pass w
Relationship Property and The Death of a Partner
Where one spouse dies leaving a spouse or defacto partner, the surviving spouse or defacto partner has two choices. They can choose to either: (a) to apply for a division of relationship property under the Property (Relationships) Act 1976 (“the Act”); or (b) take under their deceased partner’s will or the laws of intestacy. This can be a very important choice for the surviving spouse or defacto partner if they have not been provided for in their deceased partner’s Will.
Protecting wealth from your child’s estranged spouse - can it be done?
With the desire to provide for their children long after they are gone, we are often approached by clients wanting to know the “safest way” to give assets to their child without it potentially becoming relationship property. In a qualifying relationship, relationship property is divided between the parties when the relationship comes to an end. When transferring an asset to your child who is in a relationship, it is highly likely that the asset will be converted into relati