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Many people believe that when separating from your de-facto partner or spouse, you can mutually agree to an asset split arrangement. Perhaps one party agreeing to pay the home loan and then transferring the property to the other party. This is done without any formal Family Court Orders in place.
A separation may lead to people considering the following options:
The key takeaway message is to seek legal and tax advice and assistance before agreeing to any division of marital assets post-separation and to achieve an amicable settlement.
Please contact us via legal@austasiagroup.com if you are in this situation or if you just have questions that we can assist with.
This publication has been prepared by AustAsia Group, including AustAsia Legal Pty Ltd (ACN 123 160 476).
AustAsia Legal Pty Ltd – Liability limited by a scheme approved under Professional Standards Legislation.
Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Accordingly, reliance should not be placed on the information contained in this document as the basis for making any financial investment, insurance or other decision. Please seek personal advice prior to acting on this information.
Information in this publication is accurate as at the date of writing, 6 May 2020. Some of the information has been provided to us by third parties. Whilst it is believed the information is accurate and reliable, the accuracy of that information is not guaranteed in any way.
Opinions constitute our judgement at the time of issue and are subject to change. Neither the Licensee nor any member of AustAsia Group, nor their employees or directors give any warranty of accuracy, nor accept any responsibility, for any errors or omissions in this document.
Any general tax information provided in this publication is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
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