A R Walmsley Solicitors Sydney

DOCUMENTS & GUIDES...

THE MECHANICS OF PROPERTY DIVISION

Many couples who experience the pain of a marriage breakdown have a mistaken belief that everything must be sold in order for them to settle their property issues.

A division of matrimonial property does not mean a 'fire sale'. The role of an experienced Family Lawyer is to formulate a plan for the division of property which is not destructive but rather is beneficial to both parties. The marriage of Harry and Hilda has broken down. During the course of the marriage Harry and Hilda had accumulated assets. They own their own home valued at $500,000. They purchased a beach shack twenty years ago for a minimal amount of money. They made renovations to it approximately ten years ago. It is now valued at $700,000.00 and there is a mortgage of $100,000 relating to the improvements. Harry is a self-employed Motor Mechanic and his business has an agreed net value of $100,000.

These major assets have a net value of $1.2 million. There is also household furniture, contents of the home, motor cars and a caravan which can be divided by agreement once a plan is formulated in accordance with th eprinciples laid down by Family Law.

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