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Property Division Cases in the Family Court of Australia – Prepare Properly or Risk Failing

18/05/2020

Watson & Watson have successfully conducted and received Judgment on behalf their client from the Family Court of Australia.  The case was a complex property case where Watson & Watson acted for the Husband.  The Wife was legally represented and had commenced proceedings in the Family Court of Australia at Sydney.

Complex Pool of Property/Assets

The pool of property/assets that were available for division between the husband and wife by the Court was large and of a complex structure and nature.  The pool of property/assets included:

  • Real Estate in Australia and Overseas.
  • Real Estate held by one of the parties to the marriage jointly with a third party.
  • Superannuation and pension entitlements established in overseas tax effective locations. 
  • Debts to third parties where the amounts in dispute were in contest. 

Contributions

The parties had significant disagreements in relation to their comparative contributions to the acquisition, maintenance and improvement of matrimonial property as well as the value of their respective initial contributions.

There was disagreement in relation to how liquid assets and non-liquid assets should be distributed between them.  The wife maintained that she should receive all the liquid assets leaving the husband with the non-liquid assets which could not be accessed at the present time. 

Experts and Valuations

Watson & Watson prepared the case by obtaining evaluations and reports from Australian and Overseas experts in relation to the assets and the capacity of the Family Court to make orders in relation to division and distribution of the assets.  Preparation included briefing Counsel and preparation of Trial Affidavits.  The client was prepared for cross examination at Trial and was well prepared for cross examination. 

The Expert Valuation evidence was crucial to the success of the case.  Identifying the right experts and properly qualified the experts was the basis for the successful outcome. 

The Court’s Judgment was favourable to the husband and provided him with a division of property which included liquid and non-liquid assets as well as releasing him from ongoing liabilities for future payments to the wife.

If you are proposing or involved in financial/property settlement proceedings where the property/assets pool is complex whether located in Australia and overseas, our experienced Senior Family Law Solicitors can assist you in navigating what can be a stressful path.  Please do not hesitate to contact Richard Watson Senior Family Law Solicitor or his Personal Assistant Shereen Da Gloria to discuss your concerns and seek timely appropriate advice applicable to your situation.

This is only a preliminary view and is not to be taken as legal advice without first contacting Watson & Watson Solicitors on 9221 6011.

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