Divorced husband loses opportunity to claim property settlement
A recent decision of the full court of the Family Court of Australia determined a case involving a husband and wife married for 22 years with children. The couple separated 20 years ago and failed to formalise any property settlement. The husband moved to the UK and commenced a new relationship, and told the wife that she could keep all of the Australian assets and he would retain the assets located in the UK.
The assets, however, continued to remain in joint names. The husband’s assets over time were depleted due to poor investments, however, the wife continued to increase the value of the assets she and the husband held together in Australia. The Court found that it was not just and equitable for an alteration of property in favour of the husband and that because so much time had elapsed since the date of separation, the wife was entitled to retain 100% of the assets held in Australia (being the only assets remaining) that she received at the date of separation, despite the significant contributions made by the husband.
In conclusion, if you have intentions of claiming properties after a divorce, make sure you get the settlements done quickly and precisely as the Courts can refuse settlement of property if too much time has passed.
If you require any legal help with this feel free to contact one of our family lawyers on email@example.com or call 1300 HATZIS (1300 428 947) .