Legal help needed – my ex has everything
Very often in relationships – and for many different reasons – couples arrange their assets so that one person holds all the assets and the other person holds none (and perhaps, all the debts).
The reasons for doing this during a relationship is commonly:
1. To protect assets from creditors and bankruptcy;
2. To minimise tax; or
3. One person to the relationship doesn’t like sharing!
The purpose of the Family Law Act is to adjust the financial positions of the parties to the relationship if their current holdings just don’t amount to fairness (also known as “just and equitable”), taking into account the history of each person’s contributions during the relationship (and after separation), and each person’s forseeable future financial circumstances.
Is it possible for one person to take the other person “to the cleaners”?
No – give that cliched phrase means an inequitable , vengeful or punitive result.
Take stock when you think about separating and get advice as to whether you might be in a better financial position than the other.
If you are, it might not be in your best interests to seek a property settlement (other than to verify that each person to the relationship keeps what they have).
Always get legal advice before you separate. If that isn’t possible, get legal advice as soon as you do separate. Property settlements can be complex even if the net assets of the parties is small.
Legal advice and solutions are cost-effective and cost-competitive.
Contact us at Freedom Law today to discuss your situation for clarity, comfort and peace of mind.
1300 365 108
Sunshine Coast / Brisbane / Gold Coast
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