Family law is complex and can be hard to understand at the best of times, let alone when your life has been turned upside down by a separation. As a result, there are many misconceptions regarding the family law process, which can create further confusion.
We believe it is important to address these misconceptions, so we have selected the two most common myths we encounter in family law.
Myth 1 – Assets are valued as at the date we separated
Assets are assessed at their current value, not at the date that separation occurred. This is the case even if separation happened a long time ago and certain assets, such as the family home, have increased in value substantially. This could cause disadvantage to the party seeking to retain those assets, so it is important to seek legal advice as soon as possible after separation.
Myth 2 – Divorce means separating our finances
Divorce is the process of legally ending a marriage and provides formal acknowledgement that the marriage has ended. Divorce does not involve the separation of finances (which is known as a ‘property settlement’), as the two processes are completely separate. Divorce and property settlement are not dependent on each other, meaning you do not need to obtain a Divorce before doing a property settlement. However, you should seek legal advice if you obtain a Divorce before doing a property settlement as a Divorce Order starts certain time limits for property settlement matters.
The family law team at McNamara Law are ready to provide advice tailored to your individual circumstances and answer any questions you may have about the family law process. You can contact us on 1300 285 888 to arrange an appointment with one of our experienced family lawyers at our Ipswich or Springfield offices.
