Three Tips – Divorce with Overseas Property
Three Tips for Divorce when you have Overseas Property
Read on to find THREE tips on what to do if you are going through a divorce and you or your partner have property overseas.
Tip 1 – Remember: Overseas Assets are a Part of Property Settlements!
You and your partner have just decided to separate. Or perhaps your Divorce Order has finally come through. The pain and stress of ending a relationship is behind you. But what about the practical side of your partnership? You were in a relationship with your partner for years. Maybe you worked excessively long hours to build up a large asset portfolio oversea. You may have been the primary caregiver to the children when your partner was looking after the finances. Or, did you come into the relationship already owning a house offshore? Perhaps you have inherited money from a relative who lives overseas.
However you have come upon them, if you have overseas assets, the first thing you should know is that they are not excluded from your divorce property settlement.
Tip 2 – Get Organised
Get together a portfolio summary of all the assets you and/or your partner own in Australia and overseas.
Email your accountant and financial advisor, get a record from the bank of your mortgages. Open an excel spreadsheet and put together a summary of your assets and liabilities.
Not sure what overseas property you and your former partner own? That’s okay! Do a bit of research into your records. If you don’t know where to start, ask for help. Your family lawyer will have access to search platforms to search for property in the name of you or your former partner.
At Sydney Divorce Lawyers we have colleagues overseas who we can contact and can search overseas property registers and otherwise assist with attending Court overseas. An alternative is to take the overseas assets into account when deciding on the property division. However, this does not always work, especially when the main assets are overseas.
When you do get legal representation, one of the first things they will likely do is write to your former partner or their lawyers and request full financial disclosure. This is because under the Family Law Act both parties must give the other one information about all their assets and liabilities.
Tip 3 – Ensure Your Legal Representation Understands Overseas Property and has Commercial Expertise
Family law matters that involve overseas property are different to the usual domestic split of assets.
You need to make sure you have representation who really understand overseas property to ensure that you receive the settlement amount that you are entitled to. All countries have different property regulations, which will be relevant when devising a tailor made property settlement for you and you former partner. You will need a lawyer who has a detailed understanding of the property regulations in the country in which you own your assets.
At Sydney Divorce Lawyers, we understand that it is better to avoid the delays and expense of court if possible. We specialise in drafting commercially complex agreements dividing assets that are held locally and overseas. We have an experienced commercial team which our family law department works alongside to provide creative thinking and a high level of business expertise. We also have access to the best legal representation overseas, through our extensive international networks. This allows us to obtain advice where necessary to craft our property settlement agreements.
If you have overseas property and are going through a divorce, contact Sydney Divorce Lawyer to ensure you receive quality commercial advice allowing you to receive what you are entitled to.