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property settlement - case study 1

Contact Armstrong Legal:
Canberra: (02) 6288 1100
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448

Kerry White

Retiree came to see us with property settlement and taxation issues.

Our client, ("Betty") came to see Armstrong Legal when she realised her relationship with "Bill" was in trouble. Betty and Bill came to the relationship as retirees. They were both relatively financially secure.

Betty owned her own home and Bill moved in with her. Bill had also owned his home which he sold when he moved in with Betty. With those funds they had travelled extensively together. Bill had also bought himself a new car and a large boat. Betty had her own car from before she met Bill nine years ago.

Betty had quite a substantial share portfolio, but Bill's funds had been diminished throughout the relationship to the extent that he would not be able to buy a house of a similar standard to that which he had owned before his marriage to Betty.

Betty and Bill were not hostile towards one another but disagreed about how their assets should be divided. Betty wanted to keep her home and her share portfolio. She did not want any part of Bill's car or boat. She said "they were his and were a sign of his extravagance that had lead to his poor financial situation."

Bill did not think it was reasonable that both he and Betty came into the relationship with houses of equivalent value. Betty wanted to keep her house, but Bill would not be able to afford to buy an equivalent property.

Armstrong Legal came to the conclusion that Betty's share portfolio had increased substantially over the years and for her to keep it would mean that she would have a considerable Capital Gains Tax debt when she sold shares. However the valuation of those shares by the Court would not take into account the tax payable on the shares. We were able to restructure Betty's affairs whereby her shares were sold, realising the capital gain and minimising her assets for family law purposes.

We were then able to negotiate effectively from this altered position to minimise the amount she paid Bill. By referring Betty to an appropriate accountant and financial planner, we were able to ensure she retained her home, we negotiated a smooth and cost effective settlement with Bill, restructured her financial affairs and ensured that she had ongoing income in order to maintain her lifestyle in Bill's absence.

Armstrong Legal Canberra would be pleased to discuss your situation and let you know realistically what we would could achieve for you. Please do not hesitate to contact one of our specialised family solicitors.

where to next?

Taking the next step and contacting a family lawyer can be scary. Our lawyers will make you feel comfortable so you can talk about your situation. But first, ask yourself, Do I really need a lawyer?

Why Choose Armstrong Legal?

Contact Armstrong Legal:
Canberra: (02) 6288 1100
Sydney: (02) 9261 4555
Melbourne: (03) 9620 2777
Brisbane: (07) 3229 4448

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