News
- April 2021
- March 2021
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- February 2019
- January 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- May 2016
- April 2016
- February 2016
- January 2016
- November 2015
- October 2015
News
Is your ex entitled to property that you acquire after separation?
August 20th, 2020
Updated 20 August 2020
The simple answer to this question is – yes.
Generally any property that is acquired after separation and before a final property settlement will be included as an asset in the property pool available for distribution even if the asset is held in only one party’s name.
A recent case examined this question in the context of an inheritance by the husband of $715,000.00 from his late brother’s estate after separation.
Whilst the parties had separated almost five years prior to the husband receiving the inheritance they had not applied for a divorce nor finalised their property settlement at the time the inheritance was received.
The court included the inheritance in the property pool that was available to be distributed to the parties in their property settlement. This case serves as a warning that just because assets are acquired after separation does not mean that they are immune from the property settlement process.
It is not uncommon for clients who see us to have acquired significant assets after separation, such as purchasing a new house.
We recommend that parties seek legal advice and formalise their property settlement early after separation to prevent situations like the above from arising. Contact our Cairns family lawyers today to obtain strategic legal advice on your family law property settlement.
More