ATO REVISITS ITS OWN INTERPRETATION OF TAXATION LAWS AFFECTING PROPERTY SETTLEMENTS On 13 November 2013, the Australian Taxation Office (ATO) issued a draft Taxation Ruling (TR13/D6) under which the ATO proposes to reinterpret its own rulings that had previously been used to provide an exclusion from certain tax consequences for property settlements. The draft ruling […]
Superannuation is a class of property they can be divided between spouses. Since 2001 superannuation has been able to be split between the parties to a marriage. In March 2009, legislation was introduced to enable de facto couples to be able to split superannuation. As part of a property settlement, parties can now split superannuation […]
Generally speaking, if you hold property with your partner or spouse, there’s two ways that title in a property may be held:- as tenants in common (where each of you have a distinct and separate portion of the title, for example a one-half interest each, or a two-thirds/one-third interest respectively); and as joint tenants (where […]
Is there a way to get a good property settlement? In this video, Best Wilson Family Lawyer, Rebecca Harding…
A family law property settlement generally happens in three distinct steps. The first of which is valuing your property. In other words, determining the net value of all property. This is irrespective of whether property is held legally by yourself, by your former partner or by both of you jointly. Property includes real estate, cash, […]
The second step in a property settlement is an assessment of your respective contributions to your property pool, including both financial and non-financial contributions.
The third step relevant to property settlement is an examination of future considerations. The Court has a very wide discretion in making adjustments to reflect these considerations.
One of the really common questions people ask is “What am I entitled to?” The process of a property settlement can at times be less strenuous than you think. In fact, only about 5% of all property settlements end up before a Judge. The key to all of this is trying to strike an agreement […]
Quite often its necessary for a court to approve an Interim Order until such time as a trial has taken place and Final Orders are made.