Financial Matters During Separation
If you are separating from your spouse, you should consider the following financial matters in family law.
Severing your financial relationship with the other party is one of the challenges you are likely to face upon separation. Our senior family lawyers will assist you in this task in two stages.
- Firstly, ascertaining what assets would form part of the matrimonial pool subject to the division between you and the other party.
- Secondly, dividing those assets in a manner that is fair to both parties.
If you or the other party have super, it may be divided as part of your property settlement at separation. This occurs when it is needed to achieve a just and equitable outcome for both parties.
This can be done by way of allocating a percentage or amount from the superannuation fund of one party to the other. This is called ‘super splitting’ and it can be done either through:
Super splitting orders may be fairly complex and you will need the assistance of an experienced lawyer to ensure that you obtain the intended outcome. Additionally in many cases you will also need an accountant.
In certain circumstances, a party to a marriage or de-facto relationship may be entitled to financial support from the other party. Most commonly, these circumstances would arise where one party finds themselves in a ‘weaker’ financial position than the other party following separation. This is often due to their employment situation and/or parenting commitments.
If the ‘weaker’ party cannot adequately meet their reasonable needs and the financially ‘stronger’ party is in a position to assist the ‘weaker’ party, the ‘stronger’ party may have to pay spousal maintenance to the weaker party.
Spousal maintenance can be part of an amicable settlement between the parties. It is then formalised in Consent Orders or a Binding Financial Agreement. It can also be ordered by the Court.
We can assist you with ascertaining whether, in your circumstances, you may face a claim for spousal maintenance from the other party. Furthermore we can advise you on the best way to handle such a claim within the framework of your property settlement matter.
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