Divorce is a challenging time, both emotionally and financially. One of the critical considerations during this period is how to manage shared assets, particularly the family home. Taking out house equity before a divorce can be an effective strategy for reaching a financial settlement and ensuring both parties are fairly compensated. Before proceeding with taking […]
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Cohabitation agreements, often called ‘living together agreements,’ are formal, legally binding contracts between partners. They detail how assets, debts, and property will be handled during the relationship and in the event of separation. These agreements can also cover day-to-day financial arrangements, ownership of property acquired before or during the cohabitation, and maintenance obligations. In Australia,
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Navigating the complexities of financial matters during a separation can be challenging, especially regarding shared assets like joint bank accounts. If you’re wondering, “Can my estranged husband use our combined bank account?” the short answer is yes. In Australia, both parties have equal access to a joint bank account unless there are court orders or
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In Australia, the legalities surrounding the sale of assets before a divorce is finalised are complex. While technically possible, doing so can present significant legal challenges. The Family Law Act is the guiding legislation in these matters, mandating complete disclosure of all assets, incomes, and financial resources during divorce proceedings. This transparency is crucial to
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What is Chose in Action? A chose in action refers to a personal right to recover property or enforce a claim against another party. Unlike physical assets, a chose in action represents an intangible legal right, enforceable through court action. Common examples include debts, intellectual property rights, and shares, where the holder possesses a legal
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What is an Enforcement Order? An enforcement order is a legal directive issued by a court to compel an individual or organisation to comply with a previously determined court order. Enforcement orders are typically issued when one party fails to meet the obligations or terms outlined in a judgment or court ruling. These orders are
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Family Trusts and Divorce: Understanding How Divorce Impacts Family Trusts Divorce can significantly impact family trusts, particularly in terms of asset division and property settlements. In Australia, family trusts are a popular way for families to manage and protect their assets, often for tax benefits or to secure wealth for future generations. However, during divorce
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Understanding Financial Resources Family Law Financial resources family law refers to any source of financial support or potential financial gain that an individual may have access to, even if it’s not legally owned property. This can encompass a wide range of assets and resources, including future inheritances, business benefits, or even the financial contributions of
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Is Loan an Asset? Whether a loan is considered an asset depends on the financial context and who holds the loan. A loan is indeed an asset for the lender because it represents funds expected to be repaid with interest over time, thereby generating income. For the borrower, however, a loan is classified as a
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How to Prove False Allegations in Family Court Proving false allegations in family court requires a strategic approach focused on gathering evidence, maintaining accurate records, and relying on credible witnesses. False claims can complicate family court proceedings, but individuals can demonstrate the inaccuracies with the right preparation and protect their interests. By thoroughly documenting events,
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