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Facing A Family Law Property Settlement? – Why do I need to keep giving up to date values of my assets?

As we have reflected on in a recent post-https://familylaw.aylwardgame.com.au/are-all-family-law-property-settlements-split-50-50/, comprehensive and detailed disclosure of your complete financial picture is a requirement when you are dealing with Family Law property settlement, whether that is through the Court or via a negotiated or mediated process. The question often arises though, if you separated some time ago, why […]

Facing A Family Law Property Settlement? – Why do I need to keep giving up to date values of my assets?

Facing A Family Law Property Settlement? – Why do I need to keep giving up to date values of my assets?

As we have reflected on in a recent post-https://familylaw.aylwardgame.com.au/are-all-family-law-property-settlements-split-50-50/, comprehensive and detailed disclosure of your complete financial picture is a requirement when you are dealing with Family Law property settlement, whether that is through the Court or via a negotiated or mediated process.

The question often arises though, if you separated some time ago, why do you need to provide current valuations? And why do you need to keep updating them?

There are a number of reasons, but 2 of the more critical are first of all that the Court needs to make orders, or as solicitors, we need to prepare a Binding Financial Agreement, that reflects the position as it is now. The Family Law Act says we should look to achieve a clean break if we can. That means dealing with all of the assets and severing all financial ties. This is especially important if assets have been disposed of since separation, or the value of assets has decreased. The Court will not make orders that are impossible to implement, and if the values are not up to date that becomes a risk. 

The Court also has a duty to take into account the interests of creditors – people that you owe money to. The Court can only properly take those interests into account if they are provided with up-to-date values. A similar consideration for us is whether there are any possible tax consequences that we may need to give some consideration to, and again up to date values are important in this area.

We understand and appreciate that it can be frustrating and sometimes can seem unfair to be providing up-to-date values for your financial circumstances when you may have separated some months or even years ago. It can feel intrusive, especially if your life has moved on. It is an important issue, however, and there are good reasons why up-to-date valuations are necessary.

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For comprehensive, practical, and solution-focused Family Law Property Settlement advice, call the Family Law Team at Aylward Game Solicitors on 1800 217 217

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