FAMILY LAW DIVISION OF ASSETS – ARE YOU PROTECTED?
Posted On June 11, 2015
In an area of law where, when deciding how marital assets should be divided, a lot of emphasis is placed on who made what contributions to those assets, one might expect that a contribution which greatly increases an asset’s value when that otherwise would not have occurred will be recognised by the courts.
This may not be the case.
The recent decision of the Full Court of the Family Court in Kane v Kane made it clear that a contribution by a husband in the form of a share market investment, which resulted in a substantial increase in the value of that investment, did not mean that the husband was entitled to more of the assets of the relationship – even though he had substantially increased their value which would not have occurred but for his investment.
The Family Court ruled that outside factors, such as market forces, could also have contributed to the increase in the value of the shares and that it would therefore be unfair for the husband to receive a higher share of the assets just because of his investment.
The important point to take from the Kane v Kane decision is that it will not only affect contributions made to share investments – it could potentially affect each and every contribution where outside factors might also play a part in the value of an asset.
So, how do you make sure you are protected?
You need a skilled adviser to examine not only the contributions you have made to the assets of your relationship but those made by the other party, so that a just and fair outcome can be achieved.
Contact Senia Lawyers today and make sure your hard work will be recognised.