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Legal Tip 47: Finalise divorces

Discussion in 'Legal Issues' started by Terry_w, 9th Aug, 2015.

  1. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
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    9,039
    Location:
    Sydney
    Finalise divorces


    Many people out there are separated from their former spouses and have new spouses. Where the former spouse was from a legal marriage then if there is no divorce that person is still your spouse. This is the case even if the marriage was registered overseas but not in Australia.


    This has a lot of consequences as legally you may have 2 spouses. If you die without a will then under NSW law both spouses will share your estate under the intestacy laws. This could be good for you if that spouse dies first, but if you die first then your current spouse could not get 50% of your assets. If there are children with either spouse it gets more complicated.


    If there is an old will then it may still be current. Divorce may mean the will is revoked or any gift to the former spouse is voided. If there was no divorce then this won’t happen. I have met a few people who had inadvertently left everything to a former spouse.


    Loss of capacity could lead to issues too. Former spouse could be considered next of kin in emergencies or the former and current could be fighting over control of your limp body while you are in a coma.


    If there was no divorce then there would probably have been no property settlement. Property settlements will consider the assets of the parties as of the date of the hearing so the longer you leave it the more assets you may acquire.


    So bite the bullet and get that divorce!
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    9,039
    Location:
    Sydney
    I just noticed that I had missed Tip no 47, so I have changed the number of this one to make up for it.