All assets are taken into account in a divorce property settlement regardless of who has legal title to the asset. Even if your ex-partner is the registered owner of the property, you may be entitled to a share depending on your contributions and other relevant factors.
Property settlements includes real estate (irrespective of whether it is solely in your partner’s name, jointly owned with you or with other people). It also wouldn’t matter if the property is owned by a company, if you or your partner own shares in the company. Other examples of property include a franchise business, shares in public companies, an interest in a family trust, furniture, motor vehicles and jewellery.
If a property is in your partner’s sole name, you may need to take steps to ensure that they cannot sell or encumber the property without your consent. For example, you can lodge a Caveat against the title of the property so that your ex-partner cannot sell the property or use it as security for a loan. In some cases, you may have to make an urgent application to a Court and ask the Court to make orders preventing your ex-partner from selling the assets.
For further information on divorce property settlement please contact Michelle on 8362 6400 or email Michelle Crichton. Join our mailing list to receive updates and advice on current issues