Inherited and pre/post acquired assets
What happens if you owned property before you got married? Or you have bought a property or other assets since separating?
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At Youngs Law, our expert family lawyers can advise you whether these assets are likely to be included as part of an overall financial arrangement.
It is the court’s ultimate objective to achieve a fair outcome and in particular taking into consideration the needs of any dependent children.
The starting point for most people will be an equal division of all family assets. This includes anything in your joint as well as your sole names. There are some circumstances where it is justified to depart from this equality. For example, if one party’s needs outweigh those of the other. The courts have a wide discretion.
Inherited property and pre or post marriage acquired property will not automatically be ring-fenced by the court, but the factors they will consider are:
- What the asset is
- When it was acquired
- The length of your marriage
- Was the asset ever treated jointly or was it always kept separate?
- Your respective needs and those of any children
We can advise you whether your pre or post acquired property is likely to be included in any overall financial arrangement.
Contact us and speak to an experienced member of our team on 033 33 582 582.