The Family Court recently considered a case where one of the parties had an expectation of inheriting his parent's substantial estate. The parties were married for 16 years with two children. The Trial Judge determined that the property pool was valued at $864,000 and that the contributions were equal, but made an adjustment of 40% in favour of the wife, pursuant to the "future needs" requirement of Section 75(2).
The relevant factors in this decision were that the husband had an earning capacity of $150,000 a year and also had superannuation of $112,000 compared to the wife's $37,000. The husband also had an expectation that he would inherit an estate valued at approximately $2.8 million. The husband appealed against the ruling but the appeal was dismissed.
Changes in Family Law are occurring constantly. The Federal Government recently released a Report making wide-ranging recommendations, including the establishment of a new Tribunal to take over most of the Family Court's child responsibilities and the recommendation that there should be shared parenting of children. With the constant change in Family Law, professional advice is now even more important than ever.
This Information Outline is provided courtesy of Michael Lynch Family Lawyers who are accredited specialists in this area of law. They are located at Level 17, 255 Adelaide Street, Brisbane, QLD 4000 or call them on (07) 3221-4300 if you would like more information on this legal topic, or you wish to obtain formal advice regarding your situation.
The core values of Michael Lynch Family Lawyers are: that no two people are alike, everyone is unique; to exercise professional integrity with all people we deal with; and a commitment to excellence in client care and client service. These values and looking after clients well, has enabled Michael Lynch Family Lawyers to provide a highly regarded Specialist Family Law service. With our professional staff consisting of three Accredited Specialists and a total of six professional staff (with combined family law experience of over 50 years), all dedicated solely to Family Law, we are one of the largest Specialist Family Law Firms in Queensland. Our combined Family Law experience enables Michael Lynch Family Lawyers to provide expert and focused advice that is sensitive to the many financial, social and emotional issues experienced in Family Law.