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NOTICE ALERT IN LIGHT OF COVID-19
WHAT WE PROPOSE AND HOW WE CAN ASSIST
At Watson & Watson our clients come first. Please be assured of our continued dedicated services to all current and new clients.
As we have done in the past, we will continue to offer alternative conferencing methods ie video conferencing, skype or telephone conferences. Reviewing of all documentation provided to us prior to any initial conference will be all inclusive of our set fee. Do not hesitate to contact Shereen Da Gloria on (02) 9221 6011 should you have any concerns.
Margaret and Bob met in 2005. Margaret had been previously married and owned a house in which she lived and which was fully paid off. Bob moved in to the Margaret’s house.
After a few years Bob and Margaret decided that they will not continue with their relationship and Bob moved out. Margaret was concerned and approached Richard Watson as Bob had told Margaret that they would have to sell the house and Bob would get half the proceeds of the house.
Bob and Margaret did not have any children together and during their marriage kept their assets separate in that Margaret kept her assets and had a separate bank account. Bob had a separate bank account. Bob had some significant superannuation, however, Margaret’s house was of a much greater value.
Having regard to the short marriage and the separation of the assets, it is possible the Court will approach the matter on the basis that the assets should be dealt with separately with the result that Margaret would keep the house which she owned at the commencement of the relationship.
The Court can deal with the process of determining the entitlement of each person by way of either:
The usual practice is to ascertain the pool of assets and allocate a distribution of the pool of assets. However, the Court may and is likely to apply an asset by asset approach if the marriage is short.
It is unusual for the Court to consider the matter by way of allocation of separate pool of assets, however, it is possible and in certain circumstances it is beneficial to the party who brings in an assets which has appreciated at a better rate than other assets which the parties hold.
If you are concerned then please contact Richard Watson or Dennis Grant as to whether it is possible and beneficial for you to have the matter resolved or if not resolved determined on the basis of allocation of separate asset pool.
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