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Inheritances and Divorce Property Settlement?
An article written for accountants and financial advisors by Vanessa Mathews of Byron Bay Family Law & Mediation Specialists.
Your client has the good fortune to receive a ‘windfall’, such as an inheritance or a lotto Your client and their partner separate.
Will the windfall be included in the property settlement asset pool?
Your client will likely answer ‘No Way’!
From the court’s perspective, windfalls are not a special category of contributions and they must be:
The timing of the windfall will however be relevant as to how the windfall is ‘shared’:
The short answer is that the windfall is unlikely to be retained in full by your client.
I’ll leave it you to break the bad news to them.
You and/or your client may benefit from discussing the circumstances of the inheritance or other windfall and divorce property settlement before taking any action such as distributing or disposing of the asset in a manner that may adversely impact against your client.
Vanessa Mathews is family law specialists with the expertise and experience to advise you about your family law property settlement issues.
Please call Byron Bay Family Law & Mediation Specialists on 03 9804 7991 or email [email protected] to speak with Vanessa Mathews.
Resources
Byron Bay Family Law – Dividing the Property: http://mathewsfamilylaw.com.au/divorce/divorce-videos/dividing-the-property-in-victoria/
Family Court of Australia: http://www.familycourt.gov.au/wps/wcm/connect/fcoaweb/home
Federal Circuit Court of Australia: http://www.federalcircuitcourt.gov.au/wps/wcm/connect/fccweb/home