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FAMILY LAW – PROPERTY IN 2020 AND BEYOND

November 22, 2019 by Douglas McMillan

The Family and Federal Circuit Courts of Australia, along with lawyers that practice in the area, address an array differing personal property and situations that traverse most areas of law. Lawyers consider all property and liabilities held by parties, including those held in overseas countries. Property is defined widely in Family Law Act 1975, and by the cases that the Courts have adjudicated upon since 1975. Family Law property includes not just the home household contents, but motor vehicles, boats, yachts, artworks, intellectual property, royalties, collectables such as stamps or coins, bitcoin, superannuation and anything or object that may have a value ascribed to it.

The breadth of structures family lawyers address includes mum and dad type structures, small trading entities right through to companies and often include complex trust and company structures that may have multinational linkages.

Taxation, including Capital Gains Tax, succession planning and Wills and Estate Law are always being considered from early in a matter. Providing advice to best service our clients’ needs is always of paramount importance.

In 2020 the complexity of even basic property adjustment matters is complex given myriad of structures and property that people own or control. This is made more complex by the global nature of travel and the level of sophistication driving new emerging economic markets made possible by high powered computer systems. Whether in Australia or overseas, the advice regarding Family Law requires a diligent approach to our clients’ individual needs and circumstances.

The common misconception of an opinion that, “I will get half of everything” is inaccurate and unhelpful in an ever increasingly complex set of life circumstances that are engaged in by clients. The just and equitable outcome of any matter is determined by its own unique set of facts and circumstances. It is always important to obtain legal advice regarding property matters at an early stage so that considered decisions can be made in what are very trying times for clients.

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