Last week we busted the top 5 Family Law myths that clients often think are true. Continuing on, here are the next 5 Family Law myths anyone going through a divorce or separation should be aware of.
This mistaken myth, claims that if you have been together for 2 years or less, neither party will share in the other parties assets. In Australia, the Court will apply the 4 step property settlement process, based on the particular circumstances of the separating couple, no matter how long or short the relationship was.
Related Article: Property Settlement and Divorce: Key Facts You Need To Know
A common misconception is that inheritances fall under a ‘protect category’ and are separate to the asset pool available for distribution. Every case is different, however if you and your ex-partner are unable to come to an agreement on the division of assets, including inheritances, it will be up to the Courts to determine whether or not your inheritance is considered part of the pool of marital assets to be divided.
Related Article: What Happens To My Inheritance If We Divorce?
The Courts do not autonomously look at the financial contributions one party made over another within a marriage or de facto relationship. In fact, there is no legal presumption that financial contributions should be given greater weight compared to non-financial contributions and vice-versa. The Court will equally consider all financial and non-financial contributions each party has provided to the relationship.
It’s not uncommon for couples to separate, however still live under the same roof for a period of time. This is usually due to finances or children. If you and your spouse have lived together during part or all of the required 12 months separation period, extra information will need to be provided to the Court.
We round the most common Family Law myths with the misguided and common assumption that you have to be divorced in order to divide your assets in a property settlement. When in actual fact, more often than not, divorce is frequently finalised well after the division of assets. It is encouraged that separated parties finalise their property settlement sooner rather than later.
Note: This is general information advice only and does not constitute specific legal advice. If you would like further information in relation to this matter or other legal matters, please contact us on 03 9620 0088 or email [email protected]