a sad situation :(

Discussion in 'Legal Issues' started by Ben Wilkie, 27th Dec, 2015.

Join Australia's most dynamic and respected property investment community
  1. Rumplestiltskin

    Rumplestiltskin Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    402
    Location:
    Perth
    So it doesn't difffer in any way from this forum then? :rolleyes:
     
    Terry_w likes this.
  2. Ian Macleod

    Ian Macleod Active Member

    Joined:
    17th Dec, 2015
    Posts:
    27
    Location:
    NSW
    Stamp duty and capital gains tax liabilities may come into play when property is transferred from one partner to another, such as the matrimonial home or investment property, during a property settlement. However, if the couple are amicable you can either ask the court to make orders for the transfer of property or you can do it via your own private agreement known as a financial agreement. See part VIIIA of the Family law act

    Stamp duty exemption and CGT concessions are made available under state and territory legislation (see section 90WA of FLA) if the transfer is made under a financial agreement, irrespective of whether the parties are married or in a de facto relationship. The exemptions on stamp duty and CGT under financial agreements are only applicable if the transfer of property, whether it is real property or a motor vehicle, is specifically referred to in the agreement.

    To enable the exemption to be processed, the Office of State Revenue must sight a copy of the financial agreement at the date of assessment.

    However be aware that you must receive legal advice before you sign the agreement otherwise it will not be binding on the parties.

    You can read more at peacefulpath.com.au

    I hope this helps.
     
  3. VB King

    VB King Well-Known Member

    Joined:
    8th Jul, 2015
    Posts:
    399
    Location:
    St Marys
    Have been through this myself. Two things I found helpful ...
    1. Get a lawyer. Not only because they should act in your interests ... But it takes some of the emotion out of it. Let the lawyers argue ... And you might still be on speaking terms with your ex.
    2. Arrange things as quickly as you can. If you're going down this path ... The end is inevitable. I found getting it over with - whether I agreed with the result or not - relieving. Certainty has some value ... It may sound cold, but living for months or years with uncertainty hanging over you stops you from moving forward. Agree with other posters like Wylie & terryw who also raise good reasons - your sanity through this is important too.
     
    Terry_w, Joshwaaaa and Gockie like this.