When a relationship comes to an end, you should reach an agreement about the division of your assets and liabilities, which, if you are married and live in Western Australia, includes your superannuation.
It is most important that any agreement reached be dealt with formally either by Consent Orders or a Binding Financial Agreement, as there are consequences for not doing so. Dealing with the agreement formally will bring finality and there will be stamp duty and capital gains tax rollover relief on most transfers of property.
You should seek advice from a specialist family lawyer immediately your relationship comes to an end. Often it is in your best interests to seek this advice when you are considering your options, prior to making a decision to separate.
At Paynes Lawyers we can provide you with this advice, identify risk areas and recommend an appropriate course of action for you to take in order to protect your financial situation.
There is no formula dictating the outcome of a division of property. If you and your partner are unable to agree, there are many factors that the Family Court takes into account in reaching an assessment. Obtaining advice from a specialist in the area is always a wise option, even if you consider your financial circumstances are not complex.
We can provide you with advice regarding your entitlements, assist you with attempting to negotiate a settlement and draft the necessary documents involved in formalising any agreement.
If you fail to reach an agreement, Paynes Lawyers have the expertise to represent you in contested proceedings in the Family Court.