The Covid-19 pandemic has created an unprecedented impact globally including in family law property settlements. We discuss some potential implications about property settlement during this crisis.
We list 5 keys considerations that will assist you, as accountants, when helping your clients through their family law property settlement.
A partial property settlement is a distribution of assets or financial resources between separated parties in advance of final orders. The Court tends to be reluctant to make a partial property settlement because it takes place prior to evidence being tested before the Court.
In determining if leave is to be granted to permit a party to commence property proceedings out of time, the court must be satisfied that hardship would be caused to a party or child of the relationship, if leave was not granted.
After the breakdown of a relationship, couples are emotionally exhausted, stressed and often left feeling uncertain and apprehensive about the future. This period sees people procrastinate and take the “ostrich approach”, hoping it all goes away.
If you’ve been living together for at least two years or there is a child of the relationship, the Court has the power to make an order for property settlement between you and your partner.
When couples separate, it is often a difficult and emotionally draining time for all those involved. One often challenging consideration is determining the future care arrangements that will best meet their children’s needs.
The duty of disclosure is an obligation that each party make full and frank disclosure of his or her financial situation to the other party and to the Court.
Life, financially or otherwise, does not go into a state of animated suspension after separation and pending property settlement – parties’ financial circumstances constantly change and will be different at time of separation and when orders are made.
Marriage, Separation and Divorce have different effects on your estate.