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Windfalls and family law property settlements
The steps involved in determining how property is divided after the breakdown of a relationship generally include: identifying the assets, liabilities and financial resources of the parties; assessing the parties' financial and non-financial contributions; evaluating...
Making a Will if capacity is in question
It is well known that a Will is a legal document which sets out how a person wants their assets to be distributed once they die. If you are over the age of 18 you can make a Will - provided you have capacity. In general terms a person will have the necessary capacity...
Binding Death Benefit Nominations and your Self-Managed Superannuation Fund
Superannuation in Australia is governed by the Superannuation Industry (Supervision) Act 1993 (Cth) (SIS Act) and Income Tax Assessment Act 1997 (Cth) (ITA Act). Superannuation is a tax-effective way to save for your future. The SIS Act provides for the formation of a...
Was it a loan or a gift? – Big difference!
Housing affordability is a big issue for young Australians. When discussing that issue once, a former Prime Minister infamously remarked that the solution was for parents to “shell out” to help their children buy a home. For those lucky enough to have parents able to...
Family law and the family home – your options after separating
If you have separated from your spouse or de facto partner, deciding what to do about the family home can raise a whirlwind of emotions. Many memories are attached to the family home – good and bad – and while some may want to hold onto the home and all the sentiment...
What a Will Kit doesn’t do
There are various ‘Will Kits’ available on-line – most are cheap or ‘free’ and all you need to do is download them and fill in the blanks. Many websites boast that you can prepare your Will ‘without spending hundreds of dollars on legal fees’. Simple, right? Not...
We’re still friends, why do we need a ‘legal’ property settlement?
Many couples separate on good terms, which is great. The breakdown of a relationship can be difficult, however putting differences aside to move forward can be beneficial, particularly where children are concerned. Ex-partners who remain on good terms may choose to...
Testamentary Trusts
Testamentary trusts can be very effective estate planning tools to assist in providing for spouses, children and grandchildren, and are becoming increasingly popular as more people become aware of their advantages. A Testamentary Trust is any trust established under a...
Social media and family law – Just don’t do it!
Social media - Facebook, Instagram, Twitter, Snapchat and the like - can be a lot of fun and have become an accepted part of modern life. Many of us use such forms of electronic communication to share the exciting, as well as the banal events in our lives, to express...
Placing your Family Wealth in a Trust
The basic function of a trust is to separate control and ownership. The result of using a trust is that assets are protected, and profits are distributed in the most tax-effective way. There is no 'one-size-fits-all' type of trust. The trust you use depends on many...