It is understandable why most of people separating on good terms wouldn’t consider seeking legal advice. Your house has sold, you and your partner each own a car and you can now go your separate ways. Simple, right?

Here are 3 things you may have missed:

Superannuation. Many ‘traditional’ families see one partner fulfil house duties and care for children while the other provides financial support. While under these circumstances, the stay-at-home partner has almost always lost their ability to make contributions to their superannuation fund. Re-distributing superannuation is not as straightforward as it may appear. Talk to a family lawyer about how you can achieve an efficient and equitable superannuation roll-over.

Capital gains tax. Do you and your former partner own an investment property? If so, there could be implications for one or either of you in effecting a transfer. Seeking legal advice will ensure you aren’t surprised at tax time.

Finality. The fact you’ve divided up your assets and/or liabilities doesn’t always guarantee your former partner is precluded from making an application to the court for further property settlement and/or spousal maintenance. You may be surprised to learn about the limitation periods which apply to marital and defacto settlements that could impact the finality of your separation.

None of us can predict the future. Seek advice and have the peace of mind your future is secure.

This article is intended for information only. For specific advice in relation to particular circumstances please call our office on 9613 6555.