Calderbank Offer Family Law In family law, a Calderbank offer is a formal settlement proposal made on a “without prejudice save as to costs” basis. This means the offer cannot be disclosed to the court during proceedings, except when determining legal costs after the case concludes. Calderbank offers to encourage parties to settle disputes amicably, […]
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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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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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Understanding the financial implications of separation and divorce is crucial for anyone navigating this challenging phase. In particular, handling debts incurred after separation but before divorce presents a complex area that requires careful consideration. Upon separation, the financial entanglements between partners do not automatically dissolve. In Australia, the law treats debts incurred after separation but
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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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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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Understanding Add Backs Family Law Add backs family law refer to adjustments made to the pool of assets when one party has used joint funds or assets in a way that may be deemed unfair to the other party, particularly in the period leading up to separation. This concept is commonly applied during property settlements
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How to Gift Money to Divorcing Child Gifting money to a child going through a divorce can be a delicate and complicated process. The main question often revolves around how to provide financial assistance without risking the funds becoming part of the divorce settlement. To gift money to a divorcing child, it’s important to structure
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