Division of Assets and Liabilities

  • There are many different ways that the net assets of the parties can be divided to reach a financial settlement, and there is no right or wrong answer;
  • The different ways of dividing your net assets and liabilities may have different financial or taxation consequences which you will need to be aware of before you decide which solution may be the right one for you. To ensure that a financial solution is the right one for you, you may wish to consult with a tax advisor, mortgage broker or financial planner and ADS will be happy to refer you to the right professional;
  • How different entities like trusts and companies are dealt with are important as both parties may have an interest in such entities that also needs to be divided in order to finalise a settlement;
  • It may be that a formal valuation of a businesses or properties for the family court is required and ADS can assist with the joint appointment of independent qualified experts;
  • The proposed division of the assets and liabilities of the parties needs to be documented correctly in the Application for Consent Orders documentation;
  • As only family lawyers can give legal advice on the percentage division of assets and liabilities of the relationship, we work closely with family lawyers who can provide independent legal advice to the parties;