Are the Right Beneficiaries Going to Inherit Your Assets?

How to Create a Valid Will

After having working hard all your life to acquire monetary, property and other assets, you want to make sure that your hard earned estate should go to the right beneficiaries. Reliable Wills lawyers can hep you make a legally valid and comprehensive Will that leaves no room for ambiguity and confusion.

In order to create a legally valid Will, you need to ensure that the Will exists in writing and it should be signed by two (or more) legitimate witnesses. The following points describe the basic requirements for being a witness to a Will document.

Divorcing When You Own A Business

Starting your own business can be one of the most exciting and rewarding experiences of your life.  The company often represents your blood and sweat from years of hard work.  After spending so much time focused on succeeding, worrying about every dime and customer, it can be frightening to think how a divorce might interrupt or even jeopardize all your efforts.  In addition to the tips included in this article, seeking the advice of an experienced family lawyer is always a good idea.

Here are a few key tips to remember if you own a business and are considering divorce.

  • The Business Is A Marital Asset: You might be familiar with a concept called “community property” which means that all property acquired during a marriage belongs to the marital community, ie; you AND your spouse.  You may say, “but what if my spouse did nothing to contribute to the business” or “he/she was never involved and doesn’t even know how the business operates”.  All that may be true, but in the end, if the business was created, or even just grown, during the marriage it belongs wholly or partially to the other spouse.

Dividing Household Contents After A Divorce

Unfortunately, there are a lot of downsides when it comes to getting a divorce. Sure, you might finally be free from the commitments of a broken-down marriage which was bringing nothing but pain, but remember that both partners want to get out of the relationship without losing too much property or financial assets. It is therefore important to consult decent family lawyers before attempting to split the contents of your home post-divorce. Failing to do so can result in disagreements which have to be settled by a court.

What is the first thing to do?

Hopefully, your marriage will end on good terms and you will be able to split in an amicable and friendly manner. Unfortunately, this kind of split is rare, and will usually only happen in relationships where there has been no significant financial component – in other words, in relationships where there are few to no assets to divide.

A De Facto Relationship

Definition

Australian law defines the term ‘a de facto relationship’ as a relationship between ‘a man and woman who, although not legally married to each other, live together as husband and wife on a bona fide domestic basis’.[1] That is, a de facto relationship exists when the party and his/her former partner, irrespective of gender, were in a relationship as a couple residing together on a genuine domestic basis. However, Australian law denies a relationship as a de facto relationship if the individuals were lawfully married to one another or if they are related by family.

In order to determine that a relationship is a de facto relationship, it is incumbent on the parties to make an application to the court. The application can be made either to the Family Court or Federal Circuit Court. In practice, such application is usually made when an actual relationship has broken down and the parties are aiming at having financial disputes determined in the same manner as between married couples. In order to apply for a de facto financial order, such application must be filed within two years of the breakdown of the relationship at issue. In order to obtain a favourable de facto relationship order from the court, the applicant must prove before the court existence of the following facts: