Inheritance in Separation – How do Family Law Experts Melbourne Treat an Inheritance? Family law experts know that one of the most contentious aspects of separation can be what happens to the family home, as well as other assets such as superannuation, shares, and businesses. Depending on your assets, it may be possible to reach an agreement out of court.
However, if this fails, then the Courts will have to decide who gets what and in what order. If you are currently experiencing marital problems but haven’t yet entered into divorce proceedings, then it would be advisable to talk to a family law expert as soon as possible.
What is an inheritance in separation, and how is it treated by family law experts?
An inheritance is money or property left to a person by will or by the terms of a trust. An inheritance may also be called a legacy, and it is considered to be part of the deceased person’s estate. In order for family law experts to help you with your inheritance, they must first determine if you are entitled to it.
They would do this by checking whether or not you are named as the beneficiary on the will or whether the estate includes any trusts that mention you specifically. If so, they would then need to find out if you are still married to your spouse (or former spouse) at the time of death.
How do you ensure that the inheritance is protected during a separation?
If you are considering taking on separation, it is important to understand that your inheritance may be at risk. It is vital to first consult with family law experts who can help protect your inheritance during the separation process.
As part of the separation process, many couples will make a financial agreement that divides up the assets they own before they part ways.
However, if there are any other assets that have been passed down to either party, these may not be taken into account and protected under this agreement.
Will it be shared equally between spouses?
Family law experts in Melbourne can help with sorting out the finer details of a separation, such as how to divide up assets. In some cases, this may include dividing up inheritance or spousal support payments. The principles applied by family law are the same across Australia and can be used to fairly distribute any inheritance that a person receives during the course of their marriage.
How does splitting an inheritance work in a family law context?
The most common way to split an inheritance is for each spouse to have the same share. This is known as equitable division, and it may be appropriate when, for example, one sibling inherited a house and another sibling inherited cash. The court will take into account many factors such as:
The relationship between the spouses; The length of the marriage; The financial circumstances of each spouse at the date of separation or divorce; The contributions made by each spouse to the welfare of the family; Any agreement between them about how property should be divided.
If you are considering splitting your inheritance, please contact family law experts in Melbourne today.