Determining percentage entitlement in property settlement
There is no 50%/50% presumption or (even) starting point when it comes to how property is divided between divorcing couples. The percentage is determined by looking at the “contributions” each party has made. This is an inexact science and will vary for every couple.
This webinar will look at:
The main categories of contribution and particularly how “financial and non-financial contributions” are treated.
What is “future needs” and how is it treated?
The treatment of gifts, inheritances, personal injury payments, redundancy payments and other common questions.
Note: prices shown in the video might not be reflective of our current prices. Please, refer to the website for updated information. Thank you.
3:14 What is a Divorce?
3:53 What is Property Settlement?
5:21 Property Settlement: the steps
6:23 Step 1: What is the asset pool?
7:08 Step 2: Contribution factors
43:53 Step 3: Future needs
59:02 Step 4: Result - justice and equity
Note: any prices shown in the video might not be reflective of our current prices. Please, refer to the website for updated information. Thank you.
Disclaimer: All videos posted to this channel contain general comments only and should not be relied upon as specific legal advice. Readers should contact this Office for detailed information or advice on any topic in the videos. Changes to the law occur regularly, no responsibility for any loss or damage caused to any person acting in reliance on the videos on this KZread channel and general information shall be accepted by this Office. No part of this video or other videos may be included in any document, circular or statement without our written approval.
Пікірлер: 7
Thank you for this excellent resource. My best friend is going through a messy separation and this really helped me understand the lay of the land so I can support her at her appointments and help her ask the relevant questions 📝
Do you only look at the gain of an asset growth during the marriage to put into the asset pool? For example, if you own an investment rental home years before marriage, marriage of 20 years, valued at time of marriage of $100K and valued at separation as $250K, is $150K considered as part of pool?
@michaellynchfamilylawyers8367
2 жыл бұрын
Yes, the increased value is taken into account in the calculation of the total property pool but the initial contribution of that asset will receive a percentage adjustment in favour of that spouse .
Is this breakdown the same for Texas?
@michaellynchfamilylawyers8367
2 жыл бұрын
Please check with a family law professional from Texas. Laws vary across countries and even States. Michael Lynch Family Lawyers is a Brisbane (Australia) Family Law Firm.
How do you account for situation where the househusband is a legal owner of investment property on behalf of others (i.e he is acting purely as trustee and benefits nothing from this investment asset). By Trust laws, the househusband does not really own it and I believe it should be excluded from the asset pool. Am I right? Thanks.
@michaellynchfamilylawyers8367
2 жыл бұрын
Being the registered legal owner is a significant and relevant issue . in the context of what you have raised ultimately how the law will treat it is largely a question of evidence , every case will be different. Do not assume it will be excluded. If you would like advice on your situation pls contact us on the method most convenient to you, listed on our website: www.michaellynchfamilylawyers.com.au/contact/