There are several common myths and misconceptions that arise in family law matters which most clients are very much, unaware of. The RMB Family & Relationships Law Division explains.
1.The Court will punish my spouse with less money because they were unfaithful
This is incorrect and has been the case since 1975 when the Family Law Act was passed and the concept of ‘no fault divorce’ introduced.
In essence, the law provides that neither party is required to demonstrate that one party was at ‘fault’ for the breakdown of their marriage. So, while clients may feel frustrated when they weren’t the person who called off the marriage, it is important for these clients to understand that the law does not permit the Court to attribute weight towards the infidelity of their spouse in determining who retains what assets in the final settlement.
2. All we need is a divorce and this will tie everything else up
This is also incorrect. Divorce is separate from a property settlement and, in fact, confusion between the two can lead to complications and more costly Court applications. A divorce will not formalise the division of your asset pool. This can only be accomplished through a property settlement.
The main overlap between a property settlement and divorce is that you have one year and one day following the date of your Divorce Order to file an application with the Court to finalise your property settlement. If you cannot resolve your property settlement prior to this time, then you must file an out of time application with the Court, which can be costly.
3. The income I earn and assets I accumulate post-separation are mine
This is also incorrect. In determining a fair and equitable property settlement, the Court will always take the value of the asset/s as at the date of the trial, not at the date of separation.
This can cause significant confusion and stress for clients who may be the sole income earner of the family, or where one party decides to purchase a property in their own name after reaching an informal agreement with their former spouse as to the division of their asset pool. At your final hearing, you will be required to provide an updated balance sheet with the current values of the assets and liabilities of the marriage.
So it is extremely important for clients to formalise their property settlement as quickly as possible. Your first step should be to contact our office to arrange a consultation. You can contact us by by phone or our 'Ask a Question' tool on our website.